Kohl's Corporation reported results for the quarter ended May 3, 2008.
First Quarter Results: Kohl's Corporation reported net income for the quarter ended May 3, 2008 of $153.0 million, or $.49 per diluted share, compared with $209.0 million, or $.64 per diluted share, a year ago. Net sales were $3.6 billion, an increase of 1.5 percent for the quarter. Comparable store sales for the quarter decreased 6.7 percent.
Larry Montgomery, Kohl's chairman and chief executive officer, said, “Our first quarter results reflect strong management of inventory levels and expenses in a difficult economic environment. We remain conservative in our sales expectations for the balance of the year and will manage our business accordingly. We will continue to invest for the long-term as we add new stores and remodel existing stores as well as invest in people and technology for market share gain.”
Montgomery added, “I am very proud of our 120,000 associates and the role they played in delivering these results in this environment and want to thank them for their hard work, loyalty and dedication to serving our customers. They are the reason you can continue to 'expect great things' from Kohl's.”
Expansion Update: During the quarter, Kohl's successfully opened 28 stores. The Company ended the quarter with 957 stores in 47 states, compared with 834 stores in 46 states at the same time last year. The Company expects to open an additional 47 stores later this year for a total of 75 stores in fiscal 2008.
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