Kohl's Corporation Reports July Comparable Store Sales
August 04 2011 - 8:30AM
Business Wire
Kohl’s Corporation (NYSE: KSS) reported today that for the
four-week month ended July 30, 2011 total sales decreased 2.9
percent and comparable store sales decreased 4.6 percent from the
four-week month ended July 31, 2010. For the quarter, total sales
increased 3.6 percent and comparable store sales increased 1.9
percent. Year to date, total sales increased 3.4 percent and
comparable store sales increased 1.6 percent.
Kevin Mansell, Kohl’s chairman, president and chief executive
officer, commented, “Our July comp sales results were
disappointing, particularly given the strong June results we had
achieved. I am, however, especially pleased with our ability to
manage our inventory and expenses resulting in better than planned
gross margins as well as better than planned leverage on our
expenses. Early indications of customer reaction to higher apparel
prices are in line with our expectations in terms of unit
demand.”
% Change Total Sales
Total Sales Comparable Sales ($ in
millions)
2011 2010
2011 2010 2011
2010 July $ 1,122 $ 1,156 (2.9 )% 7.1 % (4.6 )% 4.1 %
Quarter 4,248 4,100 3.6 7.7 1.9 4.6 Year to date 8,410 8,135 3.4
9.3 1.6 5.9
The Company operates 1,097 stores in 49 states, compared to
1,067 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 from
8:30 a.m. ET on Thursday, August 4, 2011 until 8:30 p.m. ET on
Friday, August 5, 2011. The toll-free, dial-in number for the
replay is (888) 360-2596. (No pass code is required.)
The Company now expects its second quarter earnings to be $1.07
to $1.08 per diluted share, compared to its previous guidance of
$0.96 to $1.02 per diluted share. Not included in this guidance are
the effects of accounting corrections resulting from recently
identified errors in the Company's accounting for its leases. The
Company has commenced a detailed review of its historical lease
accounting with the goal of quantifying the impact of these errors
for each affected reporting period. As of the date of this release,
the Company expects to record non-cash adjustments to depreciation,
interest and rent expenses as well as to its fixed assets and
liabilities during the second quarter. These adjustments may be
spread over a number of years, and may be material to one or more
years. The Company and its independent accounting firm, Ernst &
Young, LLP, expect to complete their accounting review prior to
filing the Company’s Quarterly Report on Form 10-Q for the second
fiscal quarter.
Second Quarter 2011
Earnings
The Company will report second quarter 2011 earnings at 7:00
a.m. ET on Thursday, August 11, 2011. The Company will host a
conference call at 8:30 am ET on August 11 which can be accessed by
dialing (706) 902-0486 and referencing Conference ID 8356191, or
via the Company's web site at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm.
Replays of the call and web cast will be available for thirty
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 earnings and the
timing, amount and nature of the lease accounting corrections
described herein. 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 1,097 stores in 49 states with a
commitment to environmental leadership. In support of the
communities it serves, Kohl’s has raised more than $180 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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