Let's get this party started.
Kohl's Impressive Beat
Real Money Stock of the Day Kohl's (KSS - Get Report) posted stronger-than-expected fourth quarter earnings Tuesday, and said it would buy back as much as $500 million in shares this year, as the department store chain notched solid same store sales over the holiday period.
Kohl's said earnings for the three months ending on February 2 came in at $2.24 each, up nearly 20% from the same period last year and 6 cents ahead of the Street consensus forecast. Group sales, Kohl's said, fell 3.3% to $6.823 billion but were also ahead of analysts' estimates of $6.68 billion. Same store sales, Kohl's said, rose 1% from last year, well ahead of the 0.3% estimate compiled by Refinitiv.
"With a clear focus on driving traffic and operating with discipline, the Company is delivering sales growth while also improving profitability. We are financially strong and our overall health in the business is positioning us well for continued success," said CEO Michelle Gass continued. "I want to thank all of our Kohl's associates for another successful year of strong execution and great performance. Moreover, I thank them for their commitment to providing an engaging, enjoyable experience to our customers."
And He's Out...
Under a settlement agreement, Schnatter will resign once he and the company identify a "mutually acceptable independent director." Schnatter owns about 30% of Papa John's shares.
In early February, it was reported that Starboard Value would make a $200 million investment in the troubled pizza chain and the investment firm's CEO, Jeffrey Smith, would become chairman.
Salesforce's Weaker Than Expected Guidance
Salesforce (CRM - Get Report) posted stronger-than-expected fourth-quarter earnings and raised its revenue guidance for the current financial year, but the cloud company issued near-term earnings guidance that was modestly weaker than analysts' forecasts.
Looking into 2019, Salesforce said it was raising its revenue forecast to a range of $15.95 billion to $16.05 billion and said it expects first-quarter revenue in the range of $3.67 billion to $3.68 billion, just shy of the $3.7 billion forecast. Non-GAAP earnings were forecast in the range of 60 cents to 61 cents a share, largely in-line with Wall Street estimates.