Kohl’s raises annual profit forecast due to cost-cutting measures and efforts to attract customers during holiday season. Shares jump 15% in premarket trading. Company closed e-fulfillment center, downsized jewelry business, and trimmed inventory of own brands. Expects annual earnings per share of 50 cents to 80 cents, up from previous range of 10 cents to 60 cents. Interim-CEO Michael Bender cites expansion of gross margins, reduced inventory, and lower expenses for solid second-quarter earnings. Adjusted earnings per share of 56 cents beat estimates of 29 cents. Comparable sales fell 4.2% in quarter ended August 2, better than expected 5% decline.

Read more at Yahoo Finance: Kohl’s lifts annual profit target as turnaround gains traction