NEW YORK (AP) — Shares of Kohl’s rose Wednesday after the department store operator said it was pleased with its fourth quarter sales and said its base business improved.
The company said a key sales metric rose 3.7 percent in the three-month period that ended on Sunday. The metric, which measures sales at stores open at least a year, is considered an important measurement of retailer health. It excludes results from stores that have opened or closed within the last year.
FactSet says analysts expected growth of 2.1 percent.
Kohl’s said it expects to report an annual profit of $4.20 to $4.22 per share, narrowing its previous guidance of $4.05 to $4.45 per share. Analysts expect $4.08 per share on average.
Kohl’s Corp. has 1,163 stores in 49 states, and it is scheduled to report its fourth-quarter results on Feb. 26.
The Menomonee Falls, Wisconsin-based company’s shares rose $3.60, or 5.7 percent, to $66.48 in afternoon trading after hitting a seven-year high of $66.90 earlier. Shares of Kohl’s have climbed 28 percent over the last 12 months.