The retail rebound appeared to be alive and well Thursday morning as Urban Outfitters Inc. and Kohl’s Corp. both beat first-quarter expectations, posting double-digit gains on both the top and the bottom lines.
Urban Outfitter’s earnings jumped 72 percent to $53 million, or 31 cents a share, from $30.8 million, or 18 cents a year earlier. Profits beat analysts’ expectations by a penny.
Sales for the three months ended April 30 advanced 24.7 percent to $480 million from $384.8 million.
Kohl’s net income rose 45.3 percent to $199 million, or 64 cents a diluted share, from $137 million, or 45 cents, a year earlier. Profits topped Wall Street estimates by 2 cents a share.
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Sales for the quarter ended May 1 rose 10.9 percent to $4.04 billion from $3.64 billion.
“We improved our merchandise margins significantly through strong inventory management and successful private and exclusive brand strategies,” said Kevin Mansell, chairman, president and chief executive officer. “Expenses were well managed while improving the store experience for our customers.”
Kohl’s also boosted its full-year profit projections. The chain now expects to earn $3.57 to $3.75 a share, up from the $3.40 to $3.63 previously predicted.
Macy’s Inc. beat expectations with its first-quarter report Wednesday, which showed better sales and a return to profitability for the period.
For complete coverage, see Friday’s issue of WWD.