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Kohl's management pleased with 16.2% rise in Dec sales
09 Jan '06
2 min read
Department store chain Kohl's Corporation reported that sales for the five-week period ended December 31, 2005 increased 16.2 percent over the five-week period ended January 1, 2005.
On a comparable store basis, sales increased 4.6 percent.
For the 48 weeks ended December 31, 2005 total sales increased 14.6 percent while comparable store sales increased 3.5 percent.
Larry Montgomery, Kohl's Chairman and Chief Executive Officer, commented, 'Although they were pleased with the overall level of sales in December, especially in the last two weeks of the month, sales for November and December combined were lower than their planned mid-single digit increase.
They now expect to achieve approximately a 3 percent comparable sales increase and earnings of $1.06 to $1.07 per diluted share for the fourth quarter, which would result in a net income increase of approximately 19 percent for the year.'
Montgomery added, 'Their customers continue to respond to their new merchandise initiatives and their in-store presentation which continues to give them confidence that they are moving in the right direction.
Their inventories are in excellent shape with clearance levels below last year on a per store basis as they transition into the spring season.'
On December 31, 2005, the Kohl's operated 732 stores in 41 states, compared with 637 stores in 40 states at the sametime last year.
The Company continues to expect to add 500 stores by the end of fiscal 2010 and is targeting opening 200 stores in the next two years.
The Company plans to open approximately 70-80 stores in fiscal 2006 with approximately 17 stores opening during the first quarter, including its entry into the Pacific Northwest in the Portland, OR market.
On a comparable store basis, sales increased 4.6 percent.
For the 48 weeks ended December 31, 2005 total sales increased 14.6 percent while comparable store sales increased 3.5 percent.
Larry Montgomery, Kohl's Chairman and Chief Executive Officer, commented, 'Although they were pleased with the overall level of sales in December, especially in the last two weeks of the month, sales for November and December combined were lower than their planned mid-single digit increase.
They now expect to achieve approximately a 3 percent comparable sales increase and earnings of $1.06 to $1.07 per diluted share for the fourth quarter, which would result in a net income increase of approximately 19 percent for the year.'
Montgomery added, 'Their customers continue to respond to their new merchandise initiatives and their in-store presentation which continues to give them confidence that they are moving in the right direction.
Their inventories are in excellent shape with clearance levels below last year on a per store basis as they transition into the spring season.'
On December 31, 2005, the Kohl's operated 732 stores in 41 states, compared with 637 stores in 40 states at the sametime last year.
The Company continues to expect to add 500 stores by the end of fiscal 2010 and is targeting opening 200 stores in the next two years.
The Company plans to open approximately 70-80 stores in fiscal 2006 with approximately 17 stores opening during the first quarter, including its entry into the Pacific Northwest in the Portland, OR market.
Kohl's Corporation
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