Kohl’s (KSS.US) stock plunged more than 10.0%, despite the fact that the retailer posted better than expected quarterly figures. Kohl’s earned $1.05 per share, compared to a 4 cents a share consensus estimate. Revenue also beat Wall Street projections. Net sales increased 69% from the same quarter a year ago to $3.66 billion but remain below the $3.82 billion recorded back in 2019. Company raised its outlook and now expects EPS between $3.80 and $4.20 as opposed to the previous guidance of $2.45 to $2.95 given in January. However investors remained concerned that quarterly sales remained at levels lower than before the outbreak of the pandemic and they don't seem to believe the company growth will sustain once stimulus checks are spent.
Kohl’s (KSS.US) stock launched today's session with a massive bearish price gap and broke below the lower limit of the ascending channel which now acts as a resistance. If the current sentiment prevails then downward move may accelerate towards support at $48.00. Source: xStation5
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