Kohl's (KSS) stock surged nearly 22% before the bell on Tuesday as the department store chain raised its annual profit forecast and expects a smaller drop in full-year comparable sales, benefiting from its efforts to introduce a fresh lineup of products.

The department store chain is in the midst of a turnaround to revive its fortunes by closing underperforming stores, introducing a better product lineup, and offering affordable private-label products.

Kohl's now expects annual adjusted earnings per share in the range of $1.25 to $1.45, compared with the previous forecast of $0.50 to $0.80. The company now expects comparable sales to decline between 2.5% and 3%, down from its prior expectation of a 4% to 5% decline.

“We are pleased with Kohl's third quarter results, marking a third consecutive quarter of delivering top-line and bottom-line performance ahead of our expectations,” CEO Michael Bender said.

“These results are a direct reflection of the progress we are making against our 2025 initiatives, reinforcing our confidence as we continue to move in the right direction,” he added.

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