Kohl’s Corp reported a surprise profit in the first quarter of 2021, sending its shares up 12%. The department store operator’s efforts to reduce excess inventory and slash costs under newly appointed CEO Tom Kingsbury have started to pay off. Gross margin grew by 67 basis points, while operating expenses fell 4.2%. Comparable store sales declined 4.3%, however, due to ongoing cost-of-living pressures. Kohl’s maintained its fiscal 2023 earnings per share in the range of $2.10 to $2.70, and operating margin at about 4%.
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