Kohl's Corp. today reported second quarter net income of $229 million, or 75 cents per share, which was down slightly from $236 million, or 77 cents per share, in the same period a year ago.
The Menomonee Falls-based department store chain's net sales were $3.8 billion, an increase of 2.2 percent for the quarter. The company's comparable store sales for the quarter decreased 2.3 percent.
Kevin Mansell, Kohl's president and chief executive officer, said, "Sales for the first half of 2009 exceeded our plans and indicated market share gains across most merchandise areas and regions. In addition, we continue to experience improvements in inventory management and increased penetration in 'Only at Kohl's' brands that have led to improved gross margins. Our expense performance matched our expectations despite our outperformance on the sales line. We will focus on providing value for our customer as they continue to be conservative in their spending in this environment."
During the first six months of 2009, Kohl's opened 19 new stores. The company ended the quarter with 1,022 stores in 49 states, compared with 957 stores in 47 states at the same time last year. The company expects to open an additional 37 stores later this year for a total of 56 stores in fiscal 2009.
"I am very proud of our 121,000 associates and the role they played in these results and want to thank them for their hard work, loyalty and dedication in delivering on our promise to 'expect great things' from Kohl's," Mansell said.
Kohl's reports flat quarter
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