UPDATE: Kohl's Q4 Profit Beats Expectations, Lifts Dividend

reported upbeat earnings for the fiscal fourth quarter on Thursday. The Menomonee Falls, Wisconsin-based company posted a quarterly profit of $369 million, or $1.83 per share, versus a year-ago profit of $334 million, or $1.56 per share. Its revenue climbed 3.9% to $6.34 billion. However, analysts were expecting earnings of $1.80 per share on revenue of $6.33 billion. Kohl's same-store sales surged 3.7% in the quarter. The company lifted its quarterly dividend by 15% to $0.45 per share. The company ended the fiscal year with 1,162 stores in 49 states. Kohl's opened 7 stores in new locations, relocated 2 existing stores, and closed 3 stores during 2014. Kevin Mansell, Kohl's chairman, president and chief executive officer, said, "Our fourth quarter results showed significant improvement as many of our Greatness Agenda initiatives took hold. Our 3.7% increase in comparable sales was driven by both transactions per store - a key area of focus - and average transaction value. The sales strength was broad as all lines of business and all geographic regions reported higher sales" For 2015, the company projects earnings of $4.40 to $4.60 per share, total sales growth of 1.8% to 2.8% and same-store sales growth of 1.5% to 2.5%. Analysts had expected earnings of $4.55 per share. Kohl's shares rose 1.33% to close at $70.90 yesterday.