Kohl's Corporation reported results for the quarter ended April 28, 2012.
First Quarter Results Kohl's Corporation reported first quarter net income of $154 million ($0.63 per diluted share) compared to $201 million ($0.69 per diluted share) a year ago. Net sales were $4.2 billion, an increase of 1.9 percent for the quarter. Comparable store sales for the quarter increased 0.2 percent.
Kevin Mansell, Kohl's chairman, president and chief executive officer, said, “Our first quarter results reflect the implementation of our strategy to initiate lower pricing in order to provide greater value to our customers.
“This planned action led to significantly lower gross margins for the quarter. Strong management of expenses allowed us to achieve our earnings goal for the quarter. We have accelerated new receipts into second quarter to ensure we are well-positioned from an inventory perspective for the Back-to-School season. The combination of these two actions should allow us to greatly improve our sales for the fall season.”
Quarterly Dividend Declared On May 9, 2012, Kohl's Board of Directors declared a quarterly dividend on the Company's common stock of $0.32 per share. The dividend is payable June 27, 2012 to shareholders of record at the close of business on June 6, 2012.
Store Update The Company ended the quarter with 1,134 stores in 49 states, compared with 1,097 stores at the same time last year. The Company opened nine new stores, including one relocated store, and closed one store during the quarter and plans to open approximately 10 more stores in the fall season. The Company plans to remodel approximately 50 stores in 2012.
Earnings Guidance – Second Quarter The Company provided initial guidance for the fiscal quarter ending July 28, 2012 of $0.96 to $1.02 per diluted share. The guidance is based on total sales growth of 2 to 3 percent and comparable store sales growth of flat to 1 percent and includes expected second quarter share repurchases of $250 million. The Company maintains it's previously announced fiscal 2012 guidance of $4.75 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.
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