Kohl’s Corporation reported that total sales for the four-week month ended July 31, 2010 increased 7.1% over the four-week month ended August 1, 2009. On a comparable store basis, July sales increased 4.1%. For the quarter, total sales increased 7.7% and comparable store sales increased 4.6%. Year to date, total sales increased 9.3% and comparable store sales increased 5.9%.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, commented, “Our sales results in July were driven by increases in the number of transactions per store, consistent with our trends throughout 2010. Average unit retail and units per transaction continue to experience modest declines, indicating that our customer remains cautious in her spending. We are well positioned from a merchandise and inventory perspective as we enter the back-to-school season.”
From a regional perspective, the Southeast continued its strong year-to-date trends. Comparable store sales for the Midwest, Mid-Atlantic and Northeast regions were generally consistent with the company average. From a line-of-business perspective, Footwear and Men’s again achieved the strongest comparable store sales performance during the month.
Based on its July results, the company now expects earnings of $0.80 to $0.82 per diluted share for the second quarter of fiscal 2010, exceeding its previous guidance of $0.70 to $0.75 per diluted share.
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