Kohl's Corp. said that same-store sale for May sank 7.2 percent.
Kohl's Corp. reported double-digit declines in first-quarter net income amid one of the worst consumer spending climates in almost two decades. Kohl's net income dropped 27% to $153 million, or 49 cents a share, from $209 million, or 64 cents a share, a year earlier.
Kohl's Corporation announced that it will partner with rockstar Avril Lavigne in the launch of Abbey Dawn, a new lifestyle brand for girls. Kohl's will be the exclusive U.S. retailer for the brand.
Kohl's and Fila Luxembourg announce that the Fila Sport collection will be exclusively retailed in the US by Kohl's as part of a multi-year licensing agreement. Fila Sport includes women's, men's, and children's apparel, footwear, and accessories, bolstering Kohl's strongest areas (especially footwear and men's sportswear). The collection is expected to debut in fall 2008.
Stocks rose on the introduction of Kohl's highly anticipated Food Network product line (exclusive to Kohl's) and the announcement of a cut in the company's S&P debt ratings due to Kohl's share repurchase plan. The launch of Simply Vera--Vera Wang, another private label exclusive to Kohl's, also boosted confidence.
The company reports that the first quarter of 2007 shows an increase of 24.9% in net income.
The company announces same store sales for April declined 10.5%.
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