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Coles (KSS) Q1 2023 Earnings

People walk near the entrance of the Coles department store in Doral, Florida, on June 7, 2022.

Joe Ladle | Getty Images

Coles Shares soared early Wednesday as the struggling retailer posted unexpected profits as it tried to turn around.

Shares rose about 12% in pre-market trading.

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The company reiterated its full-year outlook. He said he expects net sales to be down 2% to 4%, including the impact of Week 53, which is worth about 1% year-over-year. He expects diluted earnings per share, excluding non-recurring charges, to be in the range of $2.10 to $2.70.

Here’s how the company performed in the quarter ended April 29 compared to Wall Street expectations, based on analyst polls by Refinitiv.

  • Earnings per share: 13 cents, expected loss of 42 cents
  • Revenue: $3.36 billion vs $3.34 billion

Coles reported a three-month net profit of $14 million, or 13 cents per share. This compares to $14 million (11 cents per year) in the same period last year.

Net sales decreased to $3.36 billion from $3.47 billion in the same period last year.

Coles stock closed at $19.27 on Tuesday. This is less than half of the 52nd high of $47.63. The company’s stock has fallen nearly 23% so far this year, despite the S&P 500 gaining about 8% and the retail-focused XRT dropping nearly 2%.

This story is breaking news. Please check the latest information again.

Summarize this content to 100 words People walk near the entrance of the Coles department store in Doral, Florida, on June 7, 2022.Joe Ladle | Getty ImagesColes Shares soared early Wednesday as the struggling retailer posted unexpected profits as it tried to turn around.Shares rose about 12% in pre-market trading.Related investment newsThe company reiterated its full-year outlook. He said he expects net sales to be down 2% to 4%, including the impact of Week 53, which is worth about 1% year-over-year. He expects diluted earnings per share, excluding non-recurring charges, to be in the range of $2.10 to $2.70.Here’s how the company performed in the quarter ended April 29 compared to Wall Street expectations, based on analyst polls by Refinitiv.Earnings per share: 13 cents, expected loss of 42 centsRevenue: $3.36 billion vs $3.34 billionColes reported a three-month net profit of $14 million, or 13 cents per share. This compares to $14 million (11 cents per year) in the same period last year.Net sales decreased to $3.36 billion from $3.47 billion in the same period last year.Coles stock closed at $19.27 on Tuesday. This is less than half of the 52nd high of $47.63. The company’s stock has fallen nearly 23% so far this year, despite the S&P 500 gaining about 8% and the retail-focused XRT dropping nearly 2%.This story is breaking news. Please check the latest information again.
https://www.cnbc.com/2023/05/24/kohls-kss-earnings-q12023.html Coles (KSS) Q1 2023 Earnings

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