Kohl's Has Solid Quarter
By Staff -- Home Textiles Today, 11/14/2005
Menomonee Falls, Wis. —Kohl's Corporation reported net income for its third quarter rose 15.2 percent, to $155.1 million from $134.6 million a year ago.
Diluted earnings per share rose to 45 cents from 39 cents last year.
Net sales for the period increased almost as much, 13.7 percent, to $3.1 billion from $2.7 billion last year. Comps were up 3.5 percent.
For the nine months ended Oct. 29, net income was up 21.4 percent to $467 million from $384.6 million a year ago.
Diluted earnings per share for the period rose to $1.35 from $1.12. Net sales for the nine months rose 14.8 percent, to $8.8 billion from $7.6 billion, while comps were up 3.9 percent.
Larry Montgomery, chairman and CEO, stated, “We are pleased with our performance on the gross margin line as a result of continued focus on inventory management. Our expenses were on plan and allowed us to make investments in marketing some of our new merchandise brands that will pay dividends in the fourth quarter.”
| Qtr. 10/29 (x000) | 2005 | 2004 | % change |
| Sales | $3,119.4 | $2,743.9 | 13.7 |
| Oper. income (EBIT) | 249.4 | 216.4 | 15.2 |
| Net income | 155.1 | 134.6 | 15.2 |
| Per share (diluted) | 0.45 | 0.39 | 15.3 |
| Average gross margin | 36.3% | 35.9% | -- |
| SG&A expenses | 24.2% | 24.0% | -- |
| Nine months | |||
| Sales | 8,750.3 | 7,621.9 | 14.8 |
| Oper. income (EBIT) | 743.0 | 618.3 | 20.1 |
| Net income | 467.0 | 384.6 | 21.4 |
| Per share (diluted) | 1.35 | 1.12 | 20.5 |
| Average gross margin | 36.4% | 36.0% | -- |
| SG&A expenses | 24.0% | 23.9% | -- |
