Kohl’s Corporation reported that for the five-week month ended Dec. 31 total sales increased 1.7 percent and comparable store sales decreased 0.1 percent. Year to date, total sales increased 2.3 percent and comparable store sales increased 0.5 percent.
Kevin Mansell, Kohl's chairman, president and chief executive officer, commented, “Our December sales results were short of our expectations although much improved over November’s results. Our e-commerce business increased 48% over last year and we remain on track to hit $1 billion in e-commerce sales for fiscal 2011. Our results were adversely affected by sluggish sales in cold-weather categories. As a result, we have taken action to ensure our inventories are at an appropriate level entering next year.”
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% Change
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Total Sales
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Total Sales
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Comparable Sales
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2011
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2010
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2011
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2010
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2011
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2010
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December |
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$ 3,246 |
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$ 3,192 |
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1.7% |
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5.9% |
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(0.1)% |
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3.9% |
Quarter to date |
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5,176 |
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5,214 |
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(0.7) |
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6.7 |
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(2.5) |
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4.8 |
Year to date |
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17,962 |
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17,566 |
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2.3 |
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7.2 |
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0.5 |
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4.6 |
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As a result of its quarter-to-date performance, the company now expects diluted earnings per share of $1.70 to $1.73 for the fourth quarter and $4.20 to $4.23 for fiscal 2011 versus its previous guidance of $1.93 to $2.04 for the fourth quarter and $4.41 to $4.52 for fiscal 2011.
The company operates 1,127 stores in 49 states, compared to 1,089 stores at the same time last year.
