Home / Knowledge / News / Apparel/Garments / Kohl's Chief pleased with Q3 results
Kohl's Chief pleased with Q3 results
14
Nov '11
Kohl's Corporation reported results for the fiscal period ended October 29, 2011.

Third Quarter Results
Kohl's Corporation reported third quarter diluted earnings per share increased 40 percent to $0.80. Net income for the quarter increased 20 percent to $211 million, compared to $176 million ($0.57 per diluted share) a year ago. Net sales were $4.4 billion, an increase of 3.8 percent over the comparable prior year quarter. Comparable store sales for the quarter increased 2.1 percent.

On a year-to-date basis, diluted earnings per share increased 26 percent to $2.56. Net income was $711 million, compared with $626 million ($2.03 per diluted share) for the first nine months of fiscal 2010. Net sales were $12.8 billion, an increase of 3.5 percent. Year-to-date comparable store sales increased 1.7 percent.

Kevin Mansell, Kohl's chairman, president and chief executive officer, said, "I am extremely pleased with our ability to deliver strong net income and earnings per share growth in a challenging sales environment. Our gross margin rate increased over last year as a result of our increased penetration of private and exclusive brands and disciplined inventory management. We are pleased with the expense management discipline across the company that allowed us to grow our expenses less than we originally planned."

Mansell added, "The launch of our Jennifer Lopez and Marc Anthony brands during the quarter met our aggressive sales plans. We expect our collection of powerful brands supported by significant marketing investments, especially in broadcast and digital media, to deliver a strong Holiday season."

Quarterly Dividend Declared
On November 9, 2011, Kohl's Board of Directors declared a quarterly cash dividend of $0.25 per share of Kohl's common stock. The dividend is payable December 28, 2011 to shareholders of record at the close of business on December 7, 2011.

Store Update
Kohl's opened 40 stores during 2011, including 31 during the third quarter, and now has 1,127 stores in 49 states, compared with 1,089 stores at the same time last year. The Company completed the remodel of 15 stores during the third quarter, bringing the total number of stores remodeled in 2011 to 100.

Earnings Guidance
For the fourth quarter, Kohl's expects total sales to increase between 4 and 6 percent and comparable store sales to increase between 2 and 4 percent. Gross margin as a percent of sales is expected to change between (10) and 10 basis points. Selling, general and administrative expenses are expected to increase between 5 and 6 percent. Assuming share repurchases of approximately $300 million in the fourth quarter, achieving these assumptions would result in earnings per diluted share of $1.93 to $2.04 for the fourth quarter.

As a result of its third quarter performance and its fourth quarter assumptions, Kohl's is increasing its fiscal 2011 guidance from $4.34 to $4.49 per diluted share to $4.41 to $4.52 per diluted share.

Based in Menomonee Falls, Wis., Kohl's is a family-focused, value-oriented specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, beauty and home products in an exciting shopping environment.

Kohl's Corporation

Must ReadView All

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search