Department store chain Kohl’s Corp. (NYSE: KSS) on Tuesday reported a decline in fourth-quarter adjusted earnings, despite a modest increase in revenues. The bottom line topped expectations, while revenues missed.
Fourth-quarter earnings, adjusted for special items, dropped to $2.20 per share from $2.22 per share in the same period of last year. But the latest number came in above the market’s projection. Unadjusted net income was $299 million or $2.20 per share, compared to $343 million or $2.20 per share in the fourth quarter of 2020.
Meanwhile, total revenues increased 5.8% year-over-year to $6.5 billion but fell short of expectations. The company has doubled its quarterly dividend, which equates to an annual dividend of $2.00 per share, and is planning to repurchase around $1.0 billion in shares this year.
Kohl’s shares made modest gains in the premarket on Tuesday soon after the earnings announcement, after closing the previous session lower. The stock has gained 12% since the beginning of the year.