Kohl's profit slips in Q4
MENOMONEE FALLS, Wis. — Kohl’s Corporation reported fourth quarter diluted earnings per share of $1.66 compared with $1.81 for the fourth quarter of 2011. Net income for the fourth quarter was $378 million compared with $455 million a year ago. For the year, net income was $1 billion ($4.17 per diluted share) compared with $1.2 billion ($4.30 per diluted share) for fiscal 2011.
Total sales for the quarter were $6.3 billion, an increase of 5.4% over sales of $6 billion for the same period last year. Same-store sales for the quarter were up 1.9%.
For the full year, total sales were $19.2 billion, an increase of 2.5% over sales of $18.8 billion for the same period last year.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “Sales for the fourth quarter developed very late and, as a result, came at a cost to profitability. We were, however, able to end the quarter with levels of inventory appropriate for a strong transition to Spring. Our associates across the company did an excellent job in managing expenses throughout the year."
Kohl’s ended the quarter with 1,146 stores in 49 states, compared with 1,127 stores at the same time last year. During the year, the company opened 21 new stores, including 1 relocated store, closed 1 store and completed 50 remodels.
Based on assumptions of total and comparable-store sales increases of 0% to 2%, the Company expects earnings per diluted share of $4.15 to $4.45 for the year. For the first fiscal quarter, the company expects earnings per diluted share of 55 cents to 63 cents per diluted share based on assumptions of a total sales increase of 0.5% to 2.5% and a comparable-store sales increase of 0% to 2%.