Kohl’s comps step up on Q3, helped by home and traffic uptick
November 9, 2017,
Menomonee Falls, Wis. – Kohl’s Corp.’s comps turned around in the third quarter, aided by inclining sales trends and strong in-store traffic.
Home took some of the credit for these encouraging trends.
In the three-month period, ended Oct. 28, total sales inched up 0.1% to $4.33 billion from $4.32 billion, and comps improved year over year with a 0.1% gain compared to the 1.7% decline a year ago.
“We returned to a positive comp increase in the third quarter, and we continued with the steady improvement in sales results we’ve seen all year,” Mansell continued. “Driving traffic in one of the two key priorities for our company…there was sequential improvement again in our store traffic metrics, and this increase in traffic was the driver of our improved sales performance.”
While home was among the best performers in the quarter, nearly all categories saw improved sales trends, he added.
Net income was the Achilles heel for Kohl’s in Q3, dropping 20% to $117 million, or $0.70 per diluted share, compared to $146 million, or 83 cents per diluted share.
Year to date results included: a 29% jump in net income to $391 million, or $2.33 per diluted share, versus $303 million, or $1.68 per diluted share; a 1.3% net sales increase to $12.31 billion from $12.48 billion; and a 0.1% comp decline, which was nonetheless an improvement over the prior year’s 2.4% drop.
Kohl’s ended the quarter with 1,156 Kohl's stores in 49 states and four Off/Aisle clearance centers.
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