Kohl's Earnings Beat Expectations, Announces Share Buyback Program | Fox Business

Kohl's Corp. said it had net income of $296 million, or $1.58 per share, for the the fourth quarter, down from $369 million, or $1.83 for the same period last year. The FactSet consensus was $1.55. Revenue for the quarter totaled $6.4 billion, up from $6.3 billion in 2014, and meeting the FactSet consensus. Comparable-store sales were up 0.4%, also meeting the FactSet estimate. The company said in the Thursday release that it plans to open seven smaller format pilot stores across the country, as well as two added Off-Aisle pilot stores in Wisconsin. And the retailer is entering the outlet space with 12 Fila brand stores. The company will close 18 underperforming stores, representing less than 1% of total sales and incur between $150 million and $170 million in charges. Between $55 million and $65 million of that charge will be reported in the first quarter. Kohl's expects fiscal 2016 earnings between $4.05 and $4.25, above the $3.99 FactSet estimate. Comparable sales are expected to be flat to 1%. The company plans $600 million in share repurchases at an average price of $50 per share. Kohl's stock is inactive in premarket trading, but is down 35.9% for the past year. The S&P 500 is down 8.7% for the past 12 months.