Kohl’s CEO: ‘from a supply chain standpoint, we’re in great shape’

Shares of Kohl’s Corp (NYSE: KSS) closed just over 10% up on Thursday after the retailer reported a blowout third quarter and raised guidance for the full year.

Highlights from CEO Michelle Gass’ interview on CNBC’s ‘The Exchange’

On CNBC’s “The Exchange”, CEO Michelle Gass said Kohl’s was ready for a strong holiday season.

Kohl’s repurchased $506 million worth of its stock in Q3 and plans on buying back more in the current quarter to hit $1.3 billion for the full financial year, which, as per CEO Gass, indicates the confidence the management has in the company’s future. She added:

Here’s what Kohl’s Q3 earnings report tells us

Kohl’s net income printed at $243 million that translates to $1.65 per share. This compares to last year’s $12 million loss or 8 cents per share. The department store retail chain generated $4.60 billion in revenue – a significant increase from $3.98 billion in the same quarter last year.

According to FactSet, experts had forecast only 70 cents of EPS on $4.27 billion in revenue. Comparable sales came in 14.7% up on a year-over-year basis versus a 12.5% increase expected, as per the earnings press release.

For fiscal 2021, Kohl’s now forecasts sales to increase by nearly 25% - roughly in line with estimates. The retailer expects up to $7.30 in adjusted EPS, considerably above the FactSet consensus of $5.71.