Earnings Preview-Kohl's Corp.

Kohl's Corp. reports earnings for the fiscal first quarter on Thursday. The following is a summary of key developments and analyst opinion related to the period.

OVERVIEW: Department stores such as Kohl's are facing big challenges as shoppers have retrenched sharply since the financial meltdown intensified in September, though business is starting to stabilize a bit.

Still, analysts believe Kohl's, which has developed strong exclusive brands and has been on a cost-cutting campaign, is poised to benefit from liquidations of competitors like Mervyns LLC.

Already, Kohl's is taking advantage of a shrinking landscape. It opened 11 new stores in April and a total of 19 this spring, among 55 planned this year, mostly in former Mervyns locations. Kohl's and Los Angeles-based retailer Forever 21 jointly acquired 46 Mervyns locations for about $6.25 million.

Kohl's reported last week that its same-store sales fell 6.2 percent in April, less than expected, and the company boosted its quarterly profit guidance as a result. Same-store sales, sales at stores open at least a year, is considered a key indicator of a retailer's health.

BY THE NUMBERS: Kohl's expects to earn between 43 cents and 44 cents per share, ahead of a previous forecast of 27 cents to 34 cents per share. Analysts surveyed by Thomson Reuters expect it to earn 43 cents per share in the quarter.

ANALYST TAKE: Liz Dunn, a retail analyst at Thomas Weisel Partners LLC, raised her first-quarter outlook for Kohl's to 44 cents from 40 cents. In a note to investors last week, she wrote: "We believe Kohl's is performing well in light of the macroeconomic environment and represents a relatively safe haven for those investors expecting a more prolonged downturn."

WHAT'S AHEAD: Analysts will want to know how Kohl's is further taking advantage of the woes of other rivals and will be looking for any more signs of stabilization in consumer spending. They will also be interested to hear about any additional launches of exclusive brands and will want to know its inventory plans for the second half of the year.

STOCK PERFORMANCE: Kohl's shares rose almost 37 percent during the quarter but have dropped 16 percent compared with a year ago. The stock is now hovering around $44, near the midpoint of its 52-week range of $24.28 to $56.00.