Holiday sales lift Kohl's fortunes in 2014

Kohl’s Corp. has increased its outlook for the recently completed business year, citing strong sales growth during the holiday season.

The company reported fourth-quarter same store sales growth of 3.7%. The company also updated its fiscal 2014 earnings per share guidance to a range of $4.20 to $4.22 per share. On average, 27 analysts polled by Thomson Reuters expect the company to report earnings of $4.06 per share for fiscal 2014.

"We are pleased with our fourth quarter sales as we saw our base business improve and our new strategic framework, the Greatness Agenda, take hold," Kohl's Chairman, President and CEO Kevin Mansell said.

The raised outlook comes just a day after Macy’s Inc. said it expected its earnings for 2014 to be stronger than expected thanks to improved trends in the fourth quarter.

The recent holiday season was one of the strongest periods for retailers in years, with many posting sales results that topped expectations as sharply lower gasoline prices, declining joblessness and a stronger economy encouraged consumers to shop.

Kohl’s is slated to report full results on Feb. 26.