NEW YORK (AP) — Kohl’s posted a surprise profit for the fiscal first quarter, helped by the department store chain’s moves to cut inventory in the wake of weak sales. The Menomonee Falls, Wisconsin-based retailer also confirmed its annual financial guidance, pushing up shares higher in premarket trading on Wednesday. Kohl’s said that it cut inventory by 6% while it continued to see sales momentum with its Sephora shops and noted that its stores were more productive. The moves come after the department store chain said in early March that it planned to trim inventory this year and be more surgical with discounts after reporting a big loss on slumping sales in the fourth quarter.
