Home / Knowledge / News / Fashion / Kohl's Management raises fiscal 2008 earnings guidance
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


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Asim Dalal, Indo Count Retail Ventures

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search