Kohl’s shares surged 24% Wednesday after the retailer beat Wall Street’s fiscal second-quarter earnings and revenue expectations, according to CNBC. The department store reported adjusted earnings of 56 cents per share on $3.35 billion in revenue, topping Wall Street expectations. Kohl's narrowed full-year sales guidance to a 5% to 6% decline and raised its adjusted earnings forecast to 50 to 80 cents per share. Interim CEO Michael Bender attributed weaker sales to economic pressures on lower- and middle-income shoppers, who are trading down to less-expensive brands. Bender said the company is reintroducing petites, bringing jewelry back, expanding lower-priced exclusive brands, and overhauling discounts. He said these steps aim to win back customers, though he gave no timeline for a return to sales growth. Shares closed higher at 14% year-to-date, outpacing the S&P 500.
