Copy home makes — a quick note to anchor this piece for readers.
Copy home makes: Quick notes
Fast Facts
- Kohl’s Q3 home performance improved, driven by Hotelier and Miryana bedding and bath.
- Fresh holiday offerings in home include new items from Ninja, Shark, Green Pan and Cuddl Duds.
- Q3 marked the company’s third straight quarter of outperforming expectations.
- Kohl’s raised full-year sales and earnings guidance after reporting Q3 results.
Menomonee Falls, Wis. – While Kohl’s is focused on juicing its women’s business, it was home that showed the largest improvement in the third quarter – led by a pair of proprietary brands.
“In home, we recently launched three new brands: Hotelier, Miryana and Mingle & Co., which [collectively] serve soft home and tabletop,” said CEO Michael Bender. “We’re excited about these brands moving forward.” [Editor’s note: All three brands debuted in spring.]
The Q3 improvement in home was driven by bedding and bath under the Hotelier and Miryana labels, which out-performed during the quarter, he told investors during the company’s quarter review call today. The small electrics business was down, however, as higher prices from tariffs led Kohl’s to scale back the assortment.
During Q4, Kohl’s is hoping to drive sales in the hard home business with new items from Ninja, Shark and Green Pan, which includes a Bobby Flay tie-up. In soft home, the retailer will emphasize warming brands such as Cuddl (sic) Duds.
Overall, Q3 marked Kohl’s third consecutive quarter of delivering top-line and bottom-line performance ahead of expectations.
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Net sales for the quarter ended Nov. 1 declined 2.8% to $3.4 billion. Comps were down 1.7%. Average transactions were flat to last year, but traffic improved both in stores and online – with digital outpacing stores. Business was particularly strong among Kohl’s card holders.
Net income was $147 million, or $1.30 per diluted share, and adjusted net income was $61 million, or 54 cents per adjusted diluted share. Net income in the year-ago period was $61 million, or 55 cents per diluted share.
With three quarters under its belt, Kohl’s raised its guidance for the full fiscal year. The company now expects sales to decline in the range of 3.5% to 4.0% – an improvement over the earlier forecast of a decline in the range of 5.0% to 6.0%. The outlook for adjusted earnings per share brightened significantly: now projected to be between $1.25 to $1.45 vs. the previous guidance of 50 cents to 80 cents.
“We are focused on building on this momentum, as we remain committed to delivering quality products, great value, and a frictionless experience to our customers in an uncertain macroeconomic environment,” said Bender.
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