Kohls Corp reported that sales during December decreased 3.4% to $2,67 billion from $2.77 billion. Comparable store sales tumbling 11.4%. Last years retail reporting calendar included 53 weeks. On a calendar-adjusted basis, comparable store sales decreased 0.7%.
Adjusted results compare the five weeks ended January 5, 2008 to the five weeks ended January 6, 2007.
For the nine weeks ended January 5, total sales increased 5.4% while comparable store sales decreased 3.2%. On a calendar-adjusted basis, comparing the nine weeks ended January 5, 2008 to the nine weeks ended January 6, 2007, comparable store sales decreased 0.1%.
For the 48 weeks ended January 5, 2008, total sales were up 7.4% while comparable store sales decreased 0.4% on a reported basis.
Larry Montgomery, Kohls chairman and CEO, commented, “Customers shopping patterns were driven by a search for value and they responded well to promotions closer to Christmas and post-holiday. Our sales results reflected these deeper discounts, affecting our gross margin. In addition, we have been aggressive in our clearance strategy to ensure we have the appropriate inventory content and level entering fiscal 2008. As a result, we now expect our fourth quarter earnings to be $1.30 to $1.34 per diluted share.”
