Kohl's Stock Pops After Surprise Quarterly Profit

KSS is still down more than 16% in 2023, though

Deputy Editor
May 24, 2023 at 10:17 AM
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The shares of Kohl's Corporation (NYSE:KSS) are 8.6% higher to trade at $20.93 this morning, after the retailer reported better-than-expected top- and bottom-line results for the first quarter. The company recorded a surprise profit and reiterated its full-year outlook, as it works to reduce costs and excess inventory.

It's been a rough year for KSS, as many consumers deal with inflationary pressures. Despite today's pop, the equity is still down more than 16% in 2023. The stock recently bounced off of nearly three-year lows of $18.61, and have added roughly 10% this week. 

Options traders are excited following the news, with 18,000 calls and 13,000 puts crossing the tape so far -- 11 times the intraday average amount. The weekly 5/26 18.50-strike put is the most popular contract, followed by the 23-strike call from the same series, with new positions opening at both. 

Analysts have yet to chime in, but sentiment surrounding Kohl's stock is quite bearish. Of the 12 in coverage, just three rate the security a "strong buy," leaving room for upgrades. Echoing this, the 4.83 million shares sold short make up 19.4% of the equity's available float.

 

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