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Kohl's Corp. Message Board

  • bluecheese4u bluecheese4u Feb 28, 2008 6:39 PM Flag



    MENOMONEE FALLS, WI … February 28/BUSINESS WIRE/Kohl’s Corporation (NYSE:KSS). Kohl’s Corporation today reported results for the quarter and year ended February 2, 2008.

    Fourth Quarter Results

    Kohl’s Corporation reported net income for the quarter ended February 2, 2008 of $411.7 million, or $1.31 per diluted share, compared with $484.6 million, or $1.48 per diluted share, a year ago. Net sales were $5.5 billion, an increase of 0.7 percent for the quarter. Comparable store sales for the quarter decreased 4.0 percent.

    Fiscal 2006 consisted of 53 weeks, resulting in a 14-week fiscal fourth quarter. To provide a better measure of the Company’s business trends, the reported comparable store sales results for the quarter and the year compare the periods ended February 2, 2008 to January 27, 2007. The impact of the 53rd week on total sales was approximately $200 million.

    2007 Fiscal Year Results

    For the fiscal year ended February 2, 2008, net income was $1.1 billion, or $3.39 per diluted share, compared with $1.1 billion or $3.31 per diluted share, a year ago. Net sales were $16.5 billion for the year, an increase of 5.6 percent over $15.6 billion a year ago. On a comparable 52-week basis, comparable store sales decreased 0.8 percent.

    Larry Montgomery, Kohl’s chairman and chief executive officer, said, “2007 proved to be a difficult year for most retailers, and Kohl’s was no exception. Despite a challenging year which saw deep discounts across the industry, our gross margin increased over the prior year as a result of improved inventory management and increased penetration from our private and exclusive brands. Additionally, we achieved record sales for our sixteenth consecutive year as a public company and increased our diluted earnings per share over last year.”

    Montgomery added, “We expect 2008 to be a challenging year from a macro-economic perspective. We are planning conservatively in our sales expectations, inventory levels and expenses. We will continue to invest the necessary resources to ensure our profitable growth over the long-run through investments in people and technology.”

    Expansion Update

    During the year, Kohl’s successfully opened 112 stores. The Company ended the year with 929 stores in 47 states, compared with 817 stores in 45 states at the end of 2006. The Company expects to open approximately 70-75 stores in fiscal 2008, with 28 stores opening this spring.

    2008 Earnings Guidance

    The Company issued its initial guidance for fiscal 2008. Based on assumptions of a total sales increase of 5% to 8% and a comparable sales change of 0% to negative 3%, the Company expects earnings per diluted share of $3.15 to $3.50 for the year. For the first fiscal quarter, the Company expects earnings per diluted share of $0.50 to $0.54.

    Fourth Quarter Earnings Conference Call

    Investors will have the opportunity to listen to the conference call scheduled for 5:00 PM EST on February 28 by

59.72-1.03(-1.70%)Jan 30 4:02 PMEST

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