Kohl’s June Comp Store Sales Down 2.4%

Kohl’s Corporation reported that sales for the five week fiscal period ended July 5, 2003 increased 10.7% over the five week fiscal period ended July 6, 2002. On a comparable store basis, sales decreased 2.4%.

For the 22 weeks ended July 5, 2003, total sales were up 12.8% over the 22 weeks ended July 6, 2002. On a comparable store basis, sales for the 22 weeks decreased 2.0%.

Larry Montgomery, Chairman and CEO of Kohl’s Corporation, stated that, “With a very early break to spring in 2002, we delivered a 10.2% comparable store sales increase for the first five months of the year. With the late summer this year, our comparable store sales declined 2%. We have been very aggressive on pricing all quarter to clear our seasonal merchandise and be appropriately positioned for back-to-school in August. As a result, we are reducing our earnings expectations for the second quarter to $0.30-$0.32 per share.”

                                 Sales Summary
            ($ in millions)
          Fiscal Period Ended     % Inc.-This Year    % Inc.-Last Year
          ------------------------------------------------------------
            July 5,  July 6,        All     Comp        All     Comp
             2003     2002        Stores   Stores     Stores   Stores
          --------------------    ----------------    ----------------

June         $828.7   $748.6       10.7%   (2.4)%      31.0%    14.8%
Year-to 
 Date      $3,625.4 $3,215.4       12.8%   (2.0)%      26.7%    10.2%

At July 5, 2003, Kohl’s operated 492 stores in 34 states compared with 420 stores in 32 states at the same time last year. The Company will open approximately 45 stores in the third quarter of fiscal 2003, including entries into Phoenix, AZ with 10 stores, Tucson, AZ with two stores, Flagstaff, AZ with one store, and Las Vegas, NV with three stores. In total, the Company plans to open approximately 80 stores in fiscal 2003.