Kohls Corporation saw a 9.0% decline in net sales for the month of January to $720.3 million from $791.4 million last year. On a comparable store basis, sales decreased 13.4%. Total sales for the year decreased 0.5% from the prior year. On a comparable store basis, sales for the year decreased 6.9%.
Kevin Mansell, Kohls president and chief executive officer, commented, “As expected, January sales results were impacted negatively by significantly lower seasonal clearance inventory levels. These lower levels were a result of improved inventory management and have positioned us positively for the transition to spring. We intend to continue to plan sales conservatively and flow receipts accordingly in 2009.”
Given the better-than-expected January sales and continued strong inventory and expense management, the company now expects to exceed the current First Call consensus of 99 cents per diluted share for the fiscal fourth quarter.
| January Sales Summary | ||||||||||||
| ($ in millions) | ||||||||||||
| Fiscal Period Ended | % Change This Year | |||||||||||
| Jan. 31, | Feb. 2, | All | Comp | |||||||||
| 2009 | 2008 | Stores | Stores | |||||||||
| Month | $ 720.3 | $ 791.4 | -9.0 | % | -13.4 | % | ||||||
| Quarter | 5,235.5 | 5,487.3 | -4.6 | -9.1 | ||||||||
| Year | 16,388.9 | 16,473.7 | -0.5 | -6.9 | ||||||||
