Kohl's Q2 net sales down 1 percentThursday, 09 August 2012
Kohl’s reported a net income of 240 million dollars (1 dollar per diluted share) for the
second quarter of 2012. Net sales were 4.2 billion dollars, a decrease of 1 percent for the quarter. Comparable store sales for the quarter decreased 2.7 percent.
Year to date, net income was 394 million dollars as compared to 500 million dollars a year ago. Net sales were 8.4 billion dollars, an increase of 0.4 percent for the same period last year. Year-to-date comparable store sales decreased 1.3 percent.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “Our sales performance in the second quarter was disappointing. Our gross margin performance for the quarter, however, was better than expected. We accomplished our goal of improving inventory levels for the fall season and our sales improved considerably in July as units were received. As we look forward to the fall season, we are excited about the fashion content and level of newness in our assortments.”
Based in Wisconsin, Kohl’s is a family-focused specialty department store. Kohl’s ended the quarter with 1,134 stores in 49 states, compared with 1,097 stores at the same time last year. The company expects to open an additional 12 stores in September.