NEW YORK– Kohl’s Corp.KSS +2.54% said Thursday its third-quarter earnings rose to $211 million, or 80 cents a share, from $176 million, or 57 cents a share, in the year-ago period. Revenue at the Menomonee Falls, Wis., retailer for the three months ended Sept. 30 increased 4% to $4.4 billion. Wall Street analysts expected Kohl’s to earn 79 cents a share on revenue of $4.38 billion, according to a survey by FactSet Research. Looking ahead, Kohl’s said it expects fourth-quarter earnings of $1.93 to $2.04 a share, compared to the analyst expectation of $1.96 a share. Kohl’s expects 2011 earnings of $4.41 to $4.52 a share, compared to the Wall Street target of $4.46 a share.
Archive for November, 2011
WASHINGTON (MarketWatch) — Ralph Lauren Corp. RL -6.92% said Wednesday its fiscal second-quarter earnings rose to $233.5 million, or $2.46 a share, from $205.2 million, or $2.09 a share, in the year-ago period. Sales rose to $1.86 billion from $1.49 billion. Analysts surveyed by FactSet Research were looking for earnings of $2.24 a share, on average, with sales of $1.84 billion. For the third quarter, the New York apparel company predicted consolidated revenues to increase at a low-teens rate when compared to the year-ago period. For the full year, Ralph Lauren raised its outlook for consolidated revenue to increase at a high-teens-to-low-20% rate, which compared to a prior view of mid-to-high-teens growth. Shares of Ralph Lauren fell 5% premarket to $151.
PPR, whose brands include Gucci and Yves Saint Laurent, said the acquisition would help build its market share in luxury menswear. Suit maker Brioni has a number of famous clients, including Vladimir Putin and the James Bond character.
While PPR’s chief executive, François-Henri Pinault, didn’t say how much PPR paid for Brioni, analysts have valued the company around $450 million. Brioni’s revenue totaled $234 million last year, and the company reported a profit in 2010.
“Brioni boasts top quality craftsmanship and is synonymous with Italian masculine elegance,” Mr. Pinault said in a statement. “We have great ambitions for this fashion house. We will give it access to our expertise and know-how, so that it can write a new page in its history while continuing to preserve its identity.”
PPR plans to fund the acquisition through cash raised through recent disposals, Mr. Pinault added.
In early afternoon trading in Paris, shares of PPR rose 3.4 percent.
The acquisition is part of the company’s push to consolidate its leading place in the luxury fashion business. On Oct, 26, France’s PPR reported a 7 percent annual increase in third quarter revenue, to $5.4 billion on the back of strong growth in its luxury goods and lifestyle businesses.