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Shares of the company, which have more than halved in value this year, rose over 3% before the bell.
Kohl’s, like several peers, has seen its online sales increase following the lockdowns, helped by its introduction of curbside pick-up option, partnership with Snapchat and promotion of educational toys and virtual learning tools on its website.
Wall Street also expects Kohl’s to outperform its peers, as only about 5% of the company’s stores are located in malls, which have seen traffic plummet much more due to the pandemic compared to strip-malls, where most of the chain’s stores are located.
Kohl’s net income narrowed to $47 million, or 30 cents per share, from $241 million, or $1.51 per share, a year earlier.
Excluding one-time items, Kohl’s earned 25 cents per share, compared with Wall Street estimates of a loss of 83 cents per share.
Net sales fell to $3.21 billion from $4.17 billion in the second quarter ended Aug. 1, beating market expectations of $3.09 billion, according to IBES data from Refinitiv.
