Kohl's profit narrows despite improved sales
HTT Staff -- Home Textiles Today, 2/28/2013 11:12:46 AM
Menomonee Falls, Wis. - Kohl's net income for the fourth quarter fell 16.9% to $378 million, or $1.66 per share.
Sales for the quarter ended Feb. 2 rose 2.5% to $6.3 billion. Same-store sales rose 1.9%.
"Sales for the fourth quarter developed very late and, as a result, came at a cost to profitability," said Kevin Mansell, Kohl's chairman, president and chief executive officer." We were, however, able to end the quarter with levels of inventory appropriate for a strong transition to spring."
For the full fiscal year, net income dropped15.5% to $986 million. Sales rose 2.5% to $19.28 billion, with comps up just 0.3%.
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