Kohl's Corporation Reports October Comparable Store Sales
November 04 2010 - 8:30AM
Business Wire
Kohl’s Corporation (NYSE: KSS) reported today that total sales
for the four-week month ended October 30, 2010 were 1.0 percent
lower than the four-week month ended October 31, 2009. On a
comparable store basis, October sales decreased 2.5 percent. For
the quarter, total sales increased 4.1 percent and comparable store
sales increased 1.8 percent. Year to date, total sales increased
7.4 percent and comparable store sales increased 4.4 percent.
Kevin Mansell, Kohl’s chairman, president and chief executive
officer, commented, “Strong performance in the second half of the
month partially offset lower sales in the first two weeks of the
month due to unseasonable weather. The West region reported the
strongest results for the month. The Footwear business again
reported the strongest comparable store sales. Our E-Commerce
business continues to report strong growth.”
The Company expects third quarter earnings per diluted share of
$0.57 to $0.58, consistent with the low end of its previous
guidance of $0.57 - $0.63 per diluted share. Included in this
guidance is an accounting correction resulting from recently
identified errors in the Company’s accounting for leased
properties. As a result of a detailed review of its historical
accounting, the Company expects to record adjustments to
depreciation, interest and rent expense during the third quarter.
Though the Company has not completed its review, it currently
expects a correction of up to $25 million, or $0.05 per diluted
share. The errors occurred over a number of years and are not
material to any previously reported period.
Fiscal Period
Ended
% Change
October 30, October 31, All Comp
2010
2009
Stores
Stores
($ in millions) October $ 1,260 $ 1,273 (1.0 %) (2.5 %) Quarter
4,218 4,051 4.1 1.8 Year-to-date 12,353 11,496 7.4 4.4
The Company operates 1,089 stores in 49 states, compared to
1,059 stores at the same time last year.
Comments regarding the Company’s sales results will be provided
in a pre-recorded telephone message, which will be available for 36
hours, from 8:30 AM EDT on Thursday, November 4, until 8:30 PM EDT
on Friday, November 5, 2010. The toll-free, dial-in number for the
replay is (888) 642-1687 or dial (706) 645-9291. (No pass code is
required.)
Third Quarter 2010 Earnings Conference
Call
Kohl’s Corporation will release its third quarter earnings on
Thursday, November 11, 2010 at 7 AM EST. A conference call is
scheduled at 8:30 AM EST. Investors will have an opportunity to
listen to the third quarter earnings conference call by dialing
(706) 902-0486, using Conference ID 19436600. A replay of the call
will also be accessible beginning at approximately 9:30 AM EST on
November 11, until midnight EST on December 11, 2010. To listen to
the replay, dial (706) 645-9291, and use Conference ID
19436600.
In addition, the call will be web cast live over the Internet
through the Company's web site located at
http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm.
To participate in the conference, register at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=60706&eventID=2807927
at least ten minutes prior to the call to download and install any
necessary audio software. The web cast will be available for 30
days.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including guidance on the Company’s targeted sales and
earnings. Kohl's intends forward-looking terminology such as
“believes,” “expects,” “may,” “will,” “should,” “anticipates,”
“plans,” or similar expressions to identify forward-looking
statements. Such statements are subject to certain risks and
uncertainties, which could cause Kohl's actual results to differ
materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, but are not
limited to those described in Item 1A in Kohl’s Annual Report on
Form 10-K, which is expressly incorporated herein by reference, and
other factors as may periodically be described in Kohl's filings
with the SEC.
About Kohl’s
Based in Menomonee Falls, Wis., Kohl’s (NYSE: KSS) is a
family-focused, value-oriented specialty department store offering
moderately priced, exclusive and national brand apparel, shoes,
accessories, beauty and home products in an exciting shopping
environment. Kohl’s operates its 1,089 stores in 49 states with a
commitment to environmental leadership. In support of the
communities it serves, Kohl’s has raised more than $150 million for
children’s initiatives nationwide through its Kohl’s Cares® cause
merchandise program, which operates under Kohl's Cares, LLC, a
wholly-owned subsidiary of Kohl's Department Stores, Inc. For a
list of store locations and information, or for the added
convenience of shopping online, visit www.kohls.com.
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