Kohl's Beats Estimates

The retailer raises its full-year earnings targets.
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Kohl's

(KSS) - Get Report

posted a 45% rise in third-quarter earnings, beating Wall Street's estimates, and raised its guidance for the full year.

The Menomonee Falls, Wis.-based retailer earned $224.5 million, or 68 cents a share, up from $155.1 million, or 45 cents a share, a year ago. Analysts polled by Thomson First Call expected earnings of 64 cents a share.

Sales jumped 17% to $3.64 billion and same-store sales, or stores open at least one year, increased 8.5%. Analysts projected revenue of $3.6 billion.

"We are extremely pleased with our performance for the third quarter," Larry Montgomery, Kohl's chairman and CEO, said in a statement. "We delivered solid top-line growth and outstanding profitability. We continue to see consistency in all lines of business and all regions of the country."

Looking ahead, the company backed its guidance for fourth-quarter earnings of $1.36 to $1.42 a share. Kohl's raised its full-year forecast to $3.16 to $3.24 a share from an earlier projection of $3.04 to $3.13 a share.

Analysts target earnings of $1.41 for the fourth quarter and $3.19 for the year.

Kohl's was slipping 44 cents, or 0.6%, to $72.50 in after-hours trading.