Kohl's Updates Model on Share Repurchase Program

Piper Jaffray has updated its earning forecast on Kohl's (NYSE: KSS) following an update on their share repurchase program.

Piper Jaffray writes, "Kohl's announced it had signed the agreement and would take an intial delivery of 12.6M shares on 11/18/10 with additional deliveries in December and at the end of the program. Due to the reduction in share count, management issued revised Q4 guidance of $1.56 to $1.64 compared to the prior $1.51 to $1.59. As such, we have reduced our Q4'FY11 and Q1'FY share counts by 9.5M shares in each quarter to account for this announcement. The change raises our Q4E EPS to $1.64 and FY11E EPS to $3.74, but all other estimates remain unchanged."

KSS is trading at $53.98.