(Reuters) -Kohl’s Corp raised its forecast for 2021 sales and profit on Thursday, as the department store operator bets on a shopping boom after a coronavirus pandemic hit last year.
A surge in online business helped Kohl’s and Macy’s Inc cushion the hit from the health crisis, even as some of their rivals crumbled, and the chains are now seeing a rebound in demand for non-essential products as vaccinated Americans feel more comfortable to step out and shop.
Kohl’s said it was expecting net sales to increase in the mid-to-high teens percentage range, compared with its previous forecast for a rise in the mid-teens percentage range.
The mid-priced chain forecast 2021 adjusted earnings to be between $3.80 and $4.20 per share, excluding certain charges, versus a prior range of $2.45 to $2.95.
In the first quarter ended May 1, net sales rose to $3.66 billion from $2.16 billion last year, beating estimates of $3.48 billion, according to IBES data from Refinitiv.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)
