Kohl’s Corporation reported net sales for the first quarter were $2.1 billion, an increase of 13.2% over the same period a year ago. Net income for the quarter was $111 million, a 4.1% increase over the $107 million reported for the same quarter a year ago. Earnings per diluted share were $0.32, up from $0.31 per diluted share for the same quarter a year ago.
During the quarter, the Company successfully opened 35 new stores including entering the greater Los Angeles area with 28 stores; the San Antonio, TX market with 3 stores and a store each in Kalamazoo, MI; West Springfield, MA; Hooksett, NH; and Doylestown, PA.
In the third quarter, the Company plans to open approximately 45 new stores including its entries into Phoenix, AZ with 10 stores, Tucson, AZ with two stores, Flagstaff, AZ with one store and Las Vegas, NV with three stores.
In 2004, the Company plans to open approximately 95 – 100 stores. The stores will be a combination of new stores in new markets and fill-in stores in existing markets. The Company will continue to expand its presence in the southwest region by opening additional stores in the greater Los Angeles area and entering the new markets of Sacramento, San Diego and Fresno.
At May 3, 2003, the Company operated 492 stores in 34 states compared to 420 stores in 32 states at the same time last year.
KOHL's CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 13 weeks ended 13 weeks ended ----------------- ----------------- % to % to May 3, Net May 4, Net 2003 sales 2002 sales ----------------- ----------------- (In thousands, except per share data) Net sales $2,117,744 $1,870,588 Cost of merchandise sold 1,376,479 65.0% 1,213,821 64.9% ----------- ----------- Gross margin 741,265 35.0% 656,767 35.1% Operating expenses: Selling, general, and administrative 474,125 22.4% 411,827 22.0% Depreciation and amortization 55,417 2.6% 43,969 2.4% Preopening expenses 15,482 0.7% 16,939 0.9% ----------- ----------- Operating income 196,241 9.3% 184,032 9.8% Interest expense, net 17,766 0.9% 12,615 0.6% ----------- ----------- Income before income taxes 178,475 8.4% 171,417 9.2% Provision for income taxes 67,462 3.2% 64,796 3.5% ----------- ----------- Net income $111,013 5.2% $106,621 5.7%