.August 28, 2024 4:10:00 PM

Kohl’s (NYSE:KSS) exceeded earnings expectations for Q2 2024, reporting $0.59 per share compared to the predicted $0.44 per share. Despite this, revenue fell 4.2% to $3.53 billion, missing the estimated $3.69 billion. Comparable sales also dropped by 5.1% during the quarter.

Despite the sales decline, Kohl’s managed to increase its gross margin to 39.6% and reduce inventory levels by 9% compared to the previous year.

Kohl’s raised its full-year profit outlook to $1.75 to $2.25 per share, up from the previous range of $1.25 to $1.85 per share. However, the company expects net sales to decline by 4% to 6% for the year, with comparable sales projected to decrease by 3% to 5%.