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Kohl's comparable sales up 1.7% in FY18

Mar '19
Pic: Kohl
Pic: Kohl's Corporation
Kohl’s Corporation, an omni-channel retailer, has seen 1.7 per cent rise in the comparable sales during fiscal 2018. The fourth quarter comparable sales increased 1.0 per cent. The company will close four underperforming stores in April, but will open four new smaller format stores later in this year. Kohl's ended the fiscal year with 1,159 Kohl's stores.

It is consolidating call center locations which support both its Kohl’s charge and online customers.  Additionally, the company offered a voluntary retirement program to qualified hourly associates and impaired certain assets.

"The positive momentum we've had all year continued as we achieved a 1 per cent comp sales increase for the fourth quarter, resulting in a 1.7 per cent increase for the year," said Michelle Gass, Kohl's chief executive officer. "Building on the exceptional holiday we had in 2017, we've now achieved a 7 per cent increase in the fourth quarter on a two-year basis."

"With a clear focus on driving traffic and operating with discipline, the Company is delivering sales growth while also improving profitability. We are financially strong and our overall health in the business is positioning us well for continued success," Gass continued. "I want to thank all of our Kohl's associates for another successful year of strong execution and great performance. Moreover, I thank them for their commitment to providing an engaging, enjoyable experience to our customers."

The Company incurred $104 million dollars in pretax charges in the fourth quarter and estimates that approximately $50-55 million dollars of additional charges will be recorded in the first quarter of 2019.  Most of the 2019 charges will be related to future lease commitments at the four stores that will be closing.

For fiscal 2019, the comparable sales growth is likely to be between 0-2 per cent. Gross margin as a percentage of sales is projected to increase up to 10 basis points over 2018. SG&A dollars is forecast to improve 1-2 per cent over 2018.  Excluding the impact of lease accounting, SG&A dollars are expected to increase 0.5-1.5 per cent. (RR)

Fibre2Fashion News Desk – India

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March 2019

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