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%.

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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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