Nasdaq, S&P 500 lead stocks lower ahead of disappointing Nvidia earnings

Kohl’s (KSS) shares rose in early trading, jumping as much as 7% after the company beat Wall Street earnings expectations by $0.15 per share and raised its earnings forecast.

In the second quarter, the company doubled down on inventory and expense management, leading to a 9% year-over-year decline in inventory. “It plans to remain committed to increasing inventory turnover and inventory management to the mid-single digits,” CEO Tom Kingsbury told investors on a conference call.

It’s all part of an effort to “increase competitiveness during the highly promotional holiday season,” said CFO Jill Timm.

Kohl’s expects to end 2024 with an operating margin of 3.4% to 3.8% and adjusted earnings per share in the range of $1.75 to $2.25.

The company lowered its full-year sales growth guidance as the “challenging consumer environment” continues and Kohl’s customers feel the “burden” of the rising cost of living, prompting them to put less in their baskets.

The company now expects same-store sales to decline 3% to 5% for fiscal 2024, which is higher than the previously expected year-over-year decline of 1% to 3%.

Sephora at Kohl’s remains a bright spot for the company. The company’s overall sales rose about 45% in the second quarter compared to last year, with sales growing 10%.

In 2024, the company added 140 total locations, surpassing the 1,000 Sephora stores inside Kohl’s.

“We’ve seen a huge jump in the number of customers shopping at Sephora,” Kingsbury said, adding that “about 35 percent of Sephora baskets have another Kohl’s product in their basket.” As the beauty store attracts younger shoppers, he plans to move the kids’ section to the front of the store.

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