Annual shareholders meeting - focus on expansion plans
03 May '07
2 min read
At Kohl's annual shareholders' meeting, company executives discussed 2006 financial performance and outlined future growth plans designed to continue to deliver long-term profitability.
For the twelve months ended February 3, 2007, net income increased 31.7 percent to $1.1 billion or $3.31 per diluted share, compared with $842.0 million or $2.43 per diluted share a year ago. Earnings per share increased 36 percent in fiscal 2006 versus fiscal 2005. Total sales increased 16.0 percent to $15.5 billion from $13.4 billion a year ago. On a comparable 52-week basis, comparable store sales increased 5.9 percent.
Larry Montgomery, Kohl's chairman and chief executive officer, said, “We are very pleased with the top-and bottom-line results for the year as we delivered consistent sales performance across all regions and all lines of business. We saw continued gross margin improvements as we benefited from improved inventory flow and allocation and increased penetration from our private and exclusive brands. We achieved leverage on the expense line for the year while continuing to invest for our future growth. In 2007, we will continue our focus on merchandise content, marketing, inventory management and the in-store shopping experience to increase share of wallet with current customers and drive in new customers.”
Montgomery added, “I am very proud of our more than 114,000 associates and the role they played in delivering another record year and want to thank them for their hard work, loyalty and dedication to serving our customers. They are the reason you can continue to 'expect great things' from Kohl's in 2007.”
marketing@alchempro.com
