Q2 comp-store sales rise at Kohl's, but miss Wall Street estimates
MENOMONEE FALLS, Wis. — Kohl’s continues to focus on funding its e-commerce growth following results for the second quarter ended August 3.
The company reported net sales of $4.29 billion, a 2% increase from $4.21 billion. Comparable-store sales increased 0.9% for the quarter, but according to a Reuters report, fell short of Wall Street estimates. Net income for the quarter was $231 million, a drop from $240 million for the prior-year quarter.
“We are pleased with our progress in the second quarter. Sales improved significantly over the first quarter and our gross margin improved over last year,” said Kevin Mansell, Kohl's chairman, president and CEO. “Expenses were well-managed and we ended the quarter with inventory per store up mid-single digits while funding our e-commerce growth. I would like to thank each of our associates for their contribution to our results."
Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the fall.