KSS announced that its Q3 2009 earnings were up 20.6% from the quarter a year ago, from $160 million or 52 cents/share to $193 million or 63 cents/share. This was due to a 2.4% increase in same store sales. The company forecasted earnings of $1.14 to $1.24 per share for its fourth quarter (the holiday season), but analysts were expecting $1.25 per share.
Kohl's reported that its October 2009 sales were up 4.9% from sales in 2008. Comparable store sales were up 1.4% during compared to the same time period.
For Q4 2008, ended Jan 31, 2009, net income for KSS was down 18.4% to $336 million, and earnings per share slid from $1.31 in the previous-year quarter to $1.10 during Q4 2008. KSS continues to combat the weak retail environment but are maintaining operating margins through cost-cutting measures and appealing to price-conscious consumers.
For Q3 2008 (ended Nov. 1, 2008), KSS reported that earnings were down 17% to $160.2 million when compared to the prior-year quarter, and same-store sales dropped 6.7%. Outlook for the holiday season is also grim as economic conditions have pressured consumers to cut spending.
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%.
