Kohl's reports 2005 record earnings, outlines future plans
26 Apr '06
3 min read
At the company's shareholders' meeting today, Kohl's executives discussed 2005 financial performance and outlined future growth plans designed to continue to deliver long-term, profitable growth.
For the twelve months ended January 28th 2006, net sales increased 14.5 percent to $13.4 billion compared with $11.7 billion a year ago. Comparable store sales increased 3.4 percent over the prior year.
The net income increased 19.7 percent to $842.0 million or $2.43 per diluted share, compared with $703.4 million or $2.04 per diluted share a year ago. Underscoring the company's commitment to long term profitable growth, over the past five years, net income has increased at a compounded annual growth rate of 19.7 percent.
The results for fiscal 2005 reflect the company's decision to adopt expensing of stock options. In accordance with the modified retrospective method, fiscal 2004's results have been restated.
The company expects to open approx. 500 stores over the next five years, operating more than 1,200 by 2010. Net income is expected to increase 15-20 percent per year during this same time frame.
In 2005, the company successfully opened 95 new stores, including entries into Orlando and Jacksonville, FL markets and the Buffalo, NY market. At the same time, over 12,000 new jobs were created in communities all across the company. At the end of fiscal 2005, the company operated 732 stores in 41 states compared with 637 stores in 40 states.
marketing@alchempro.com
