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Kohl's shares rise despite net income, sales drops

8:18 PM, May 16, 2013  |  Comments
A Kohl's department store in Fond du Lac.
A Kohl's department store in Fond du Lac.
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Shares of Kohl's Corp. rose sharply Thursday after the department store chain said its first-quarter net income fell 5 percent, hurt by a slight decrease in sales, but still managed to beat Wall Street predictions.

For the quarter ended May 4, Kohl's earned $147 million, or 66 cents per share, down from $154 million, or 63 cents per share, in the same quarter of 2012.

Revenue edged down 1 percent to $4.2 billion from $4.24 billion.

Analysts, on average, expected earnings of 57 cents per share on $4.27 billion in revenue, according to FactSet.

Kohl's said sales were slow at the beginning of the quarter, but picked up in April as weather conditions improved in many parts of the country.

Kohl's finished the day up $2.35 at $52.03.

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