Kohl's Corporation reported that sales for the month of December, 2005 increased 16.2% over the five-week period ended January 1, 2005. On a comparable store basis, sales increased 4.6%.
For the 48 weeks ended December 31, 2005 total sales increased 14.6 percent while comparable store sales increased 3.5 percent.
Larry Montgomery, Kohl's chairman and chief executive officer, commented, “Although we were pleased with the overall level of sales in December, especially in the last two weeks of the month, sales for November and December combined were lower than our planned mid-single digit increase. We now expect to achieve approximately a 3 percent comparable sales increase and earnings of $1.06 to $1.07 per diluted share for the fourth quarter, which would result in a net income increase of approximately 19 percent for the year.”
Montgomery added, “Our customers continue to respond to our new merchandise initiatives and our in-store presentation which continues to give us confidence that we are moving in the right direction. Our inventories are in excellent shape with clearance levels below last year on a per store basis as we transition into the spring season.”
Sales Summary
($ in millions)
Fiscal Period Ended % Inc. This Year
------------------------ ------------ ------------
December 31, January 1, All Comp
2005 2005 Stores Stores
------------ ----------- ------------ ------------
December $2,481.8 $2,135.3 16.2% 4.6%
Year-To-Date $12,725.8 $11,103.7 14.6% 3.5%
On December 31, 2005, the Company operated 732 stores in 41 states, compared with 637 stores in 40 states at the same time last year.
