Kohl's sales for the five week period ended January 3, 2004 increased 12.8% over the five week period ended January 4, 2003. On a comparable store basis, sales decreased 1.2%.
For the 48 weeks ended January 3, 2004, total sales were up 12.6%
while comparable store sales decreased 1.7%.
Larry Montgomery, CEO of Kohl's Corporation commented, “We are
very disappointed with our December sales performance. The business
came very late in the month and at deeper discounts than planned. As a
result, we now expect fourth quarter earnings to be in the range of
$0.68 to $0.70 per diluted share. From an inventory perspective, we
are on track to end the year on plan.”
Sales Summary
($ in millions)
Fiscal Period Ended % Inc. - This Year
-------------------------------------------
January 3, January 4, All Comp
--- ----
2004 2003 Stores Stores
---- ---- ------ ------
December $1,837.3 $1,628.8 12.8% -1.2%
November/December $3,025.1 $2,715.6 11.4% -2.5%
Year-to Date $9,745.3 $8,651.4 12.6% -1.7%
At January 3, 2004, the Company operated 542 stores compared with
457 stores at the same time last year.
The Company plans to open approximately 95 new stores in fiscal
2004. In the first quarter, the Company anticipates opening 47 stores,
split between new market entries and fill-ins in existing markets. New
markets include Sacramento, San Diego and Fresno, California and
Memphis, Tennessee. The remaining new stores to be opened in existing
markets will be spread across all regions of the country. The Company
expects to open the balance of the 95 stores in the third quarter of
fiscal 2004.
