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Kohl's Management raises fiscal 2008 earnings guidance
19
Aug '08
Kohl's Corporation reported results for the quarter and year-to-date periods ended August 2, 2008 and raised its fiscal 2008 earnings guidance.

Kohl's Corporation reported net income for the quarter ended August 2, 2008 of $236.0 million, or $0.77 per diluted share, compared with $269.2 million, or $0.83 per diluted share, a year ago. Net sales were $3.7 billion, an increase of 3.8 percent for the quarter. Comparable store sales for the quarter decreased 4.6 percent.

For the six months ended August 2, 2008, net income decreased 18.7 percent to $389.0 million, or $1.26 per diluted share, compared to $478.2 million, or $1.48 per diluted share, for the six months ended August 4, 2007. Net sales increased 2.6 percent to $7.3 billion from $7.2 billion a year ago. Comparable store sales decreased 5.6 percent for the same period.

Larry Montgomery, Kohl's chairman and chief executive officer, said, “Our second quarter results reflect strong inventory management and increased penetration of private and exclusive brands, resulting in improved gross margins, as well as effective expense control.

We remain conservative in our sales expectations for the fall season and will manage our business accordingly. We are well positioned to chase business should the environment improve. We will use our financial strength to continue to build for the future as we add new stores and remodel existing stores to continue to gain market share in this difficult environment.”

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 first six months of 2008, 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. In fiscal 2009, the Company expects to open approximately 50 stores and remodel 60 stores.

Earnings Guidance:
Assuming a comparable sales decrease of 2 percent to 4 percent, the Company would expect earnings per diluted share of $0.51 to $0.56 in the third quarter. For the fourth quarter, assuming comparable sales of negative 2 percent to negative 4 percent, the Company would expect earnings per diluted share of $1.26 to $1.34. This would result in earnings per diluted share of $3.02 to $3.18 for fiscal 2008 versus previous guidance of $2.95 to $3.15 per diluted share.

Kohl's Corporation


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