Kohl’s Corporation reported that sales for the five-week fiscal period ended January 4, 2003, increased 19.4% over the five-week fiscal period ended January 5, 2002 while comparable store sales increased 3.3%.
For the 48 weeks ended January 4, 2003, total sales were up 21.8% while comparable store sales increased 5.3%.
Larry Montgomery, CEO of Kohl’s Corporation commented, “With a compressed selling season, we had expected much stronger comparable store sales in December. Our modest comparable store sales increase for the combined November/December holiday period was on top of a strong 9.8% comparable store increase a year ago. Although it was a difficult holiday season, we continued to increase market share. Going into the new year, we will continue to be aggressive in our marketing and we are well positioned to continue to increase market share.”
As a result of holiday sales performance, 4th quarter earnings are expected to be at the lower end of the Company’s previous guidance and current First Call estimate of $0.79 – $.0.84 per share.