Kohl's Corp.' s sales of exclusive brands and tight inventory control helped its third-quarter profit rise 21 percent, the company said Thursday.
The results led the department-store chain to raise its full-year earnings guidance. But CEO Kevin Mansell said he expects consumers to "continue to be conservative" in their spending over the holidays.
Kohl's has benefited from its expansion of exclusive brands like Dana Buchman, Simply Vera Vera Wang, and LC by Lauren Conrad, which launched in October, as well as cost-cutting.
Navigating the rough economy has challenged Kohl's and other department stores as shoppers keep spending low and worry about job security and tight credit. And while business is starting to improve for some as shoppers start to treat themselves a little, overall sales are still weak.
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Profit for the three months ended Oct. 31 rose to $193 million, or 63 cents a share, compared with $160 million, or 52 cents a share, last year.
Revenue rose 7 percent to $4.05 billion, from $3.8 billion a year ago. Analysts expected earnings of 61 cents a share on revenue of $4 billion, according to Thomson Financial.
Kohl's, based in Menomonee Falls, Wis., raised its full-year earnings guidance to $2.98 to $3.08 a share, from previous guidance of $2.59 to $2.70 a share. Analysts expect a profit of $3.02 a share.
The president of Sea Launch Co. says he expects Boeing to drop all or most of its ownership of the satellite-launching business.
Kjell Karlsen heads Long Beach, Calif.-based Sea Launch, which filed for bankruptcy protection in June. He said he doesn't expect Boeing to commit any more capital but the company is likely to continue as a supplier.
Boeing Co. spokesman Joe Tedino declined to speculate on the company's future with Sea Launch. Boeing owns 40 percent of the company.
Sea Launch filed for Chapter 11 after being hit with a $52 million judgment stemming from a platform explosion that destroyed a satellite two years ago. The company says it has court permission to secure up to $12.5 million in financing and hopes to emerge from bankruptcy next year.
Sprint Nextel Corp. officials will now allow large shareholders to call special meetings of investors.
The Overland Park-based wireless company said Thursday that its board of directors adopted the change to its bylaws. The proposal was requested during Sprint's annual shareholder meeting in May, with 77 percent of shares voted supporting the change.
Under the new rule, shareholders holding at least 10 percent of shares can request the special meetings under certain circumstances. The request also must meet certain requirements, such as the timing of similar issues or meetings already scheduled.