Kohl's Corporation reported that sales for the four-week period ended August 27, 2005 increased 14.3% over the four-week period ended August 28, 2004. On a comparable store basis, sales increased 4.6%.
For the 30 weeks ended August 27, 2005, total sales increased 15.3 percent while comparable store sales increased 4.3 percent.
Larry Montgomery, Kohl's chairman and chief executive officer, said, “August's sales performance was in line with our expectations. We continue to expect a comparable store sales increase for the third quarter of 4%-6% and remain comfortable with our previous earnings guidance of $0.43 to $0.46 per diluted share for the third quarter.”
Sales Summary
($ in millions)
Fiscal Period Ended % Inc - This Year
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August 27, August 28, All Comp
2005 2004 Stores Stores
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August $1,007.5 $881.6 14.3% 4.6%
Year-To-Date $6,638.4 $5,759.6 15.3% 4.3%
In August, the Company opened four new stores, including two stores in Cleveland, OH, and one store each in Philadelphia, PA and Baltimore, MD.
The Company plans to open another 58 stores in October, including its entry into the Orlando, FL market with seven stores and the Jacksonville, FL market with three stores. In addition, the Company will add 13 stores in the Midwest region, nine stores each in the South Central and the Southwest regions, seven stores in the Northeast region, six stores in the Mid-Atlantic region and four stores in the Southeast region. In total, the Company plans to open 95 stores in fiscal 2005.
On August 27, 2005, the Company operated 674 stores in 40 states, compared with 596 stores in 38 states at the same time last year.
