Kohl’s Corporation reported fourth quarter diluted earnings per share of $1.66 compared to $1.81 for the fourth quarter of 2011. Net income for the fourth quarter was $378 million compared to $455 million a year ago. For the year, net income was $1.0 billion ($4.17 per diluted share) compared to $1.2 billion ($4.30 per diluted share) for fiscal 2011.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “Sales for the fourth quarter developed very late and, as a result, came at a cost to profitability. We were, however, able to end the quarter with levels of inventory appropriate for a strong transition to spring. Our associates across the company did an excellent job in managing expenses throughout the year."
Impact of 53rd Week
The retail calendar for fiscal January 2013 included a fifth week, resulting in a 14-week fiscal fourth quarter and a 53-week year. During this 53rd week, total sales were $169 million; selling, general and administrative expenses were $30 million; interest was $2 million; net income was $15 million and diluted earnings per share were $0.06.
On February 27, 2013 Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.35 per share, a nine percent increase over its previous dividend. The dividend is payable March 27, 2013 to shareholders of record at the close of business on March 13, 2013.
Kohl’s ended the quarter with 1,146 stores in 49 states, compared with 1,127 stores at the same time last year. During the year, the Company opened 21 new stores, including 1 relocated store, closed 1 store and completed 50 remodels.
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. With a commitment to environmental leadership, Kohl's operates 1,146 stores in 49 states.