Kohl’s Corporation reported that total sales increased 2.0 percent to
$4.3 billion for the second quarter ended Aug. 3. Comparable store
sales increased 0.9 percent, up from a decrease of 2.7 percent in the
year-ago comparable period.
The company posted second quarter earnings of $1.04 per share. Gross margin improved 10 basis points to 39.1 percent. Operating margin declined 40 basis points to 10.5 percent from the year-ago quarter due to higher operating expenses. Both selling, general and administrative expenses and depreciation expenses were higher in the quarter.
“We are pleased with our progress in the second quarter,” said Kevin Mansell, Kohl's chairman, president and CEO. “Sales improved significantly over the first quarter and our gross margin improved over last year. Expenses were well-managed and we ended the quarter with inventory per store up mid-single digits while funding our E-Commerce growth.”
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Quarter | Year to Date | |||||||||||||||||||
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|
|
($ in millions) | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||
|
|
|
Sales |
|
$ |
4,289 |
|
$ |
4,205 |
|
2.0% |
|
$ |
8,488 |
|
$ |
8,447 |
|
0.5% |
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|
|
|
Comparable store sales |
|
0.9 |
% |
|
(2.7 |
)% |
|
– |
|
(0.5 |
)% |
|
(1.3 |
)% |
|
– |
|||||
|
|
|
Net income |
|
$ |
231 |
|
|
$ |
240 |
|
|
(4)% |
|
$ |
378 |
|
|
$ |
394 |
|
|
(4)% |
|
|
|
|
Diluted earnings per share |
$ |
1.04 |
$ |
1.00 |
4% |
$ |
1.70 |
$ |
1.63 |
4% |
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On Aug. 13, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.35 per share. The dividend is payable September 25, 2013 to shareholders of record at the close of business on September 11, 2013.
Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the fall.
