Kohls Corporation reported that total sales increased 4.0 percent for the five-week month ended Dec. 29, 2012 and comparable store sales increased 3.4 percent over the five-week month ended Dec. 31, 2011. For the November and December period, total sales increased 0.7 percent and comparable store sales increased 0.1 percent. Year to date, total sales increased 1.0 percent and comparable store sales decreased 0.3 percent.
December sales were lower than planned. Additionally, sales came late in the holiday shopping season and, as a result, were at deeper discounts than planned, said Kevin Mansell, Kohls chairman, president and chief executive officer. We are taking the necessary markdowns in the fourth quarter to manage our inventory as we transition into the Spring season.
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% Change |
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Total Sales |
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Total Sales | Comparable Store Sales | |||||||||||||
| ($ in millions) |
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2012
|
2011
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2012
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2011
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2012
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2011
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December |
|
$ |
3,374 |
|
$ |
3,246 |
|
|
4.0 |
% |
|
1.7 |
% |
|
3.4 |
% |
|
(0.1 |
%)
|
Quarter to Date |
|
$ |
5,210 |
|
$ |
5,176 |
|
|
0.7 |
% |
|
(0.7 |
%) |
|
0.1 |
% |
|
(2.5 |
%)
|
Year to Date |
|
$ |
18,147 |
|
$ |
17,962 |
|
|
1.0 |
% |
|
2.3 |
% |
|
(0.3 |
%) |
|
0.5 |
% |
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As a result of its quarter-to-date performance, the company now expects diluted earnings per share of $1.60 to $1.62 for the fourth quarter and $4.11 to $4.13 for fiscal 2012 versus its previous guidance of $2.00 to $2.08 for the fourth quarter and $4.52 to $4.60 for fiscal 2012.
E-Commerce sales increased 46 percent over December 2011. The West was the strongest region for the month with a low single-digit increase in comparable store sales. The Midwest was slightly positive and all other regions reported low single-digit comparable store sales declines. Childrens was the strongest line of business.
