Kohl's reported net income in the fourth quarter of $493 million, or $1.66 a share, compared with $431 million, or $1.40 a share, in the same quarter last year. Revenue was $6 billion, up 6.3% from the year-earlier, driven by a 4.3% increase in comparable store sales.
“We clearly outperformed our direct competition for the year, achieving the highest total sales increase for the year, leading to the largest market share gain,” Kohl's CEO Kevin Mansell. “Expenses were well managed while improving the store experience for our customers.”
Kohl's also declared its first-ever quarterly dividend of 25 cents a share payable on March 30 to shareholders of record on March 9, and announced its plan to open another 40 stores and remodel 100 in 2011.
For the year, net income was $1.1 billion, or $3.65 per diluted share,
compared to $991 million, or $3.23 per diluted share, for fiscal 2009.
Net sales increased 7.1% to $18.4 billion. Comparable store sales
increased 4.4% over the prior year.
The company issued its initial guidance for fiscal 2011. Based on
assumptions of a total sales increase of 4 to 6% and a comparable
store sales increase of 2 to 4%, the company expects earnings per
diluted share of $4.05 to $4.25 for the year. For the first fiscal
quarter, the company expects earnings per diluted share of $0.68 to
$0.73 based on assumptions of a total sales increase of 4 to 6%
and a comparable store sales increase of 2 to 4%.
