Kohl's Corp. reports higher net income, earnings in Q2

Kohl's store in Medford Massachusetts U.S

Department stores have been shutting down hundreds of stores following years of declines in sales and traffic. Revenue fell 5 percent to $5.55 billion, beating expectations of $5.5 billion, according to Zacks.

Total sales of $4.14 billion were slightly below last years of $4.18 billion.

For the full year, Macy's expects earnings in the range of $2.90 to $3.15 per share, below the $3.27 per share that analysts expected, according to FactSet. This is down from its earnings per share of 54 cents from the second quarter of 2016.

Macy's Inc also reaffirmed its guidance for fiscal 2017.

But Kohl's still has a long way to go to improve business, and its shares fell sharply Thursday - down more than 6% in mid-day trading - against the backdrop of disappointing earnings from other department stores including Macy's and Dillard's.

"Kohl's has charted a sensible course through the choppy waters of department store retailing", Riva said.

Macy's has cut jobs and closed some stores to try to reverse falling sales.

"You should not expect to hear anything about store closures this year", Besanko said.

Further out, Gennette said Macy's was working to build a more "elevated and exclusive" product assortment and to better integrate technology in stores and the online platform.

Wall Street gave Macy's Q2 earnings a tepid review (the company's stock fell about 2% in premarket training), but not everybody was gloomy about the report.

Kohl's Corp. (KSS) managed to eke out a decent quarter despite the evolving retail apocalypse, but investors are still balking at the year-over-year sales decline. "This is encouraging as it indicates that Macy's rationalization will ultimately deliver higher levels of store productivity without severe damage to volumes", he wrote.

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