Retailers Get Bump From Holiday Season
January 08 2018 - 9:26AM
Dow Jones News
By Imani Moise
After a year marked by same-store sales declines and store
closures across the sector, retailers are reporting strong sales
during the the critical holiday shopping period from November to
December.
Kohl's Corp. (KSS) said Monday comparable sales over the
holidays jumped 6.9%, compared with a 2.1% decline a year earlier.
Shares climbed 7.5% to $58.46 during premarket trading as the
department-store chain also raised its annual adjusted profit
outlook to $3.98 to $4.08 per share, compared with prior guidance
of $3.60 to $3.80 per share.
Kohl's, helped by stronger store traffic, is the latest retailer
to feel the holiday cheer. Its report comes after Macy's Inc. (M)
and J.C. Penney Co. (JCP) last week reported improved sales in the
holiday period amid a healthy economy and strong consumer spending.
Macy's said its same-store sales rose 1% in November and December
from a year earlier, while Penney reported a 3.4% increase.
The holiday season could give Kohl's back-to-back quarters with
comparable sales increases. The retailer reported a slight increase
in the metric in its third quarter after more than a year of
declines, citing strong back-to-school sales. Kohl's executives
have said that the department store has benefited from sweeping
store closures at its mall-based competitors.
Holiday spending looks to have been broadbased. Shares of
Lululemon Athletica Inc. (LULU) rose 2.9% to $79.43 after the
specialty retailer raised its sales and profit outlook for its
fourth quarter, citing stronger performance across its business
during the holiday season. Big and tall menswear retailer
Destination XL Group Inc. (DXLG) said holiday sales increased 3.5%,
compared with a 0.3% decline the prior year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 08, 2018 09:11 ET (14:11 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
J C Penney (NYSE:JCP)
Historical Stock Chart
From Aug 2024 to Sep 2024
J C Penney (NYSE:JCP)
Historical Stock Chart
From Sep 2023 to Sep 2024