Kohl's Corporation sees another fall in like-for-like sales - PRE-MARKET

Stock in department stores operator Kohl’s Corporation (NYSE:KSS) was on offer in pre-market trading after second quarter results disappointed.

Total sales in the three months to the end of June fell 0.9% to US$4,144mln from US$4,182mln the year before, with like-for-like sales off 0.4%.

After stripping out one-off items, net income retreated 6% to US$208mln from US$221mln, but diluted earnings per share rose US$1.24 from US$1.22 the year before.

The shares were down 2.6% at US$40.86 in pre-market trading.

Clothing maker Canada Goose Holdings Inc (NYSE:GOOS, TSE:GOOS) shot up 8.1% to US$20.49 in pre-market trading after the clothing maker revealed total revenue in the first quarter of its financial year rose C$12.5mln to C$28.2mln.

The company said the growth was driven by growth in its direct-to-consumer offering and the accelerated timing of wholesale shipments.

The gross margin widened to 46.9% from 297% in the same period of 2016

The net loss of C$13.2mln was equivalent to 13 cents a share, which was an improvement on the loss of C$14.0mln (14 cents a share) a year earlier.

“Fiscal 2018 is off to a strong early start, as we see the power of the Canada Goose brand continue to resonate around the world. Our team continues to execute our growth strategies in both wholesale and direct-to-consumer channels and we remain confident in our ability to deliver this year,” said Dani Reiss, who is both president and chief executive officer of Canada Goose.

Results from broadcaster Twenty-First Century Fox Inc (NASDAQ:FOX) were a mixed bag, with the revenue sub-par and the earnings ahead of expectations.

Earnings per share for the final quarter of the company’s financial year clocked in at 36 cents, a penny higher than the consensus forecast.

Revenue of US$6.75bn was a shade light of expectations of US$6.77bn.

Revenue from the cable network increased to US$4.33bn from US$3.92bn a year earlier but television revenue slipped to US$1.00bn from US$1.04bn in the same period of 2016.

Like many organizations in which the family of Rupert Murdoch is involved, the company has been beset by controversy, with the company dropping the hugely popular Bill O’Reilly during the quarter following allegations of sexual harassment. Despite its reputation, chief executive officer James Fox – the son of Rupert Murdoch and brother of co-chairman of Lachlan Murdoch – seemed confident the company’s bid for pay-TV giant Sky PLC, currently being investigated by the UK authorities, would go through, albeit probably in the first half of next year rather than later this year. 

Story by ProactiveInvestors