MENOMONEE FALLS, Wis.—Retailer Kohl's Corp. said Thursday its same-store sales rose 3.5 percent in April, beating estimates, and it raised its earnings outlook for the first quarter.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly-opened ones.
Analysts polled by Thomson Financial expected same-store sales to rise 2 percent.
Kohl's said for the four-week period ended May 5, total sales jumped 12 percent.
The company said it was pleased with the month's performance, noting that sales in seasonal categories improved.
The retailer also said for the quarter ended May 3, total sales climbed nearly 2 percent while same-store sales fell 6.7 percent.
Kohl's added that due to the strong April sales, it now expects first-quarter profit to rise above its previous guidance of 40 cents to 42 cents per share.
Analysts predict a profit of 42 cents per share.
(This version CORRECTS the headlines and lead to note that same-store sales rose 3.5 percent, not 3 percent.)
rising
falling 