Kohl's Corporation reported today that sales for the four-week period ended May 5, 2007 decreased 3.8% over the four-week period ended April 29, 2006. On a comparable store basis, sales decreased 10.5%.
For the combined March/April period, total sales increased 11.4 percent and comparable store sales increased 3.7%. For the first quarter ended May 5, 2007, total sales were up 11.8 percent over the quarter ended April 29, 2006. On a comparable store basis, sales for the fiscal quarter increased 3.9%.
Larry Montgomery, Kohl's chairman and chief executive officer, commented, “As expected, April's sales results were affected by the shift of Easter business into March and cooler weather. In the first quarter, expenses were well controlled and our inventory management initiatives continued to result in gross margin improvement. As a result, we are comfortable with the current First Call consensus of $0.62 per diluted share for the first quarter.”
Sales Summary
($ in millions)
Fiscal Period Ended % Inc. This Year
----------------------- ----------- -----------
May 5, April 29, All Comp
2007 2006 Stores Stores
----------- ----------- ----------- -----------
April $1,095.1 $1,138.9 -3.8% -10.5%
March/April $2,642.7 $2,372.6 11.4% 3.7%
YTD $3,572.0 $3,196.3 11.8% 3.9%
On May 5, 2007, the Company operated 834 stores in 46 states, compared to 749 in 43 states at the same time last year.
