Kohl's Corporation reported results for the three months ended May 5, 2007.
First Quarter Results: Kohl's Corporation reported a 24.9 percent increase in net income for the quarter ended May 5, 2007. Net income was $209.0 million, or $0.64 per diluted share, compared with $167.2 million or $0.48 per diluted share a year ago.
Net sales increased to $3.6 billion from $3.2 billion a year ago, an increase of 11.8 percent for the quarter.Comparable store sales increased 3.9 percent for the same period.
Larry Montgomery, Kohl's chairman and chief executive officer, said, “We are pleased with our performance for the first quarter. All lines of business posted positive comparable sales increases as did all regions of the country. At the same time, we saw significant improvement in our gross margin rate and continued to manage our expenses with our sales growth.”
Montgomery added, “I am very proud of our associates and the role they played in delivering a great quarter 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.”
Earnings Guidance: As a result of its first quarter performance, the Company is raising its full-year earnings guidance from $3.68 to $3.84 per diluted share to $3.75 to $3.87 per diluted share for fiscal 2007. The Company reaffirms its guidance for the second fiscal quarter of $0.81 to $0.85 per diluted share or a 17% to 23% increase over last year.
Expansion Update: During the first quarter, the Company successfully opened 17 new stores, including its entry into the Idaho market with three stores.
The Company now operates 834 stores in 46 states, compared with 749 stores in 43 states at the same time last year.
The Company will open the balance of its planned 110 to 115 stores for 2007 in the fall season.
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