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'Q1FY'13 sales lower than expected' – Kohl's CEO
20
May '13
Kohl’s Corporation reported results for the quarter ended May 4, 2013.

For the quarter ended May 4, 2013, Kohl’s Corporation reported sales of US $4.199 billion against $4.243 billion in the corresponding quarter of the previous fiscal year. In the same period net income also dipped to $147 million from $154 million.

Kevin Mansell, Kohl's chairman, president and chief executive officer, said, “After a slow start, sales improved considerably in April as the weather finally improved in our most weather-sensitive regions. Despite the lower than expected sales, we outperformed our earnings guidance as gross margin results and expense management were better than expected. Our inventory levels are consistent with our expectations."

Dividend

On May 15, 2013, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.35 per share. The dividend is payable June 26, 2013 to shareholders of record at the close of business on June 12, 2013.

Store Update

Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The Company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the Fall.

Earnings Guidance

The Company provided initial guidance for the fiscal quarter ending August 3, 2013 of $1.00 to $1.08 per diluted share. The guidance is based on total sales growth of 1 to 3 percent and comparable store sales growth of 0 to 2 percent and includes expected second quarter share repurchases of $250 million.

About Kohl's

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 1,155 stores in 49 states.

Kohl's Corporation

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Courtesy: India ITME

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