Kohl's Corporation reported net sales and earnings for the three months and nine months ended October 28, 2006.
Kohl's Third Quarter 2006 Highlights: -Earnings per share increased 51 percent to $0.68 per diluted share -Total year EPS guidance raised to $3.16 to $3.24 per diluted share -Net income increased 45 percent or 120 basis points as a percent of net sales -Comparable sales increased 8.5 percent -Opened 65 stores – the largest one-day opening in Company history
Kohl's Corporation reported earnings per diluted share for the quarter ended October 28, 2006 of $0.68 versus $0.45 a year ago, a 51 percent increase. Net income was $224.5 million compared to $155.1 million a year ago, a 45 percent increase. Net sales for the quarter increased 16.6 percent to $3.6 billion from $3.1 billion a year ago while comparable store sales increased 8.5 percent.
For the nine months ended October 28, 2006, net income increased 34 percent to $624.1 million or $1.85 per diluted share, compared to $467.0 million or $1.35 per diluted share for the nine months ended October 29, 2005. Net sales increased 15.6 percent to $10.1 billion from $8.8 billion a year ago. Comparable store sales increased 6.9 percent for the same period.
Larry Montgomery, Kohl's chairman and chief executive officer, said, “We are extremely pleased with our performance for the third quarter. We delivered solid top-line growth and outstanding profitability. We continueto see consistency in all lines of business and all regions of the country. This has allowed us to generate profitable market share growth. We believe we have great momentum entering the fourth quarter.”
Montgomery added, “Our associates are critical to our success as a company and I want to thank them for their hard work, loyalty, and commitment to customer service. I especially want to thank them for the role they played in opening 65 new stores in one day – the largest grand opening in our history. They are the reason you can continue to 'expect great things' from Kohl's.”
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