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%