Kohl’s Corporation reported results for the quarter ended May 3, 2014. Kohl’s first quarter sales increased 3.1% to $4,199 million.
Kevin Mansell, Kohl's Chairman, President and CEO, said, “We did not achieve our first quarter sales goals, but we were encouraged by the improvement in sales as the quarter progressed. Our teams managed our inventory levels appropriately and expenses were controlled throughout the organization during the quarter."
The Company expects diluted earnings per share of $4.05 to $4.45 for fiscal 2014, which is consistent with its previous guidance.
On May 14, 2014, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.39 per share. The dividend is payable June 25, 2014 to shareholders of record at the close of business on June 11, 2014.
Kohl’s ended the quarter with 1,160 stores in 49 states, compared with 1,155 stores at the same time last year. The Company opened four new store locations, relocated one existing store and permanently closed two stores during the first quarter of 2014.
Credit Card Agreement with Capital One
The Company extended its current credit card agreement with Capital One for an additional five years until March 31, 2023.