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Kohl's reports June same store sales jump 7.5%, slaughters Street estimates

Kohl's reports June same store sales jump 7.5%, slaughters Street estimates

Department store chain Kohl’s Corp. (NYSE:KSS) reported strong comparable store sales growth in June, as warmer weather drove customer purchases, the company said.

In morning trade, its shares jumped 6.64% to $55.55.

For the five week period ending July 2, Wisconsin-based Kohl's same store sales for June grew 7.5%, compared to last year's growth of 5.9%, beating analysts forecasts of 2.9%.

Revenue from stores open at least a year is a key indicator of a retailer's health because it excludes stores that recently opened or closed.

Sales in weather sensitive regions like the Midwest, Mid-Atlantic and Northeast regions, reported strong sales, resulting from favourable weather conditions, said CEO Kevin Mansell.

The U.S.-based company also said that all lines of business saw solid gains in sales.

Total sales increased 9.2% for the month to $1.75 billion.

Kohl's is a specialty department store offering brand apparel, shoes, accessories, beauty and home products. It operates 1,097 stores in 49 states.

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Kohl's Corporation Timeline

August 14 2015

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