Kohl's Corp net income for Q3 earnings rises 15.3%
28 Nov '05
2 min read
Department store chain Kohl's Corporation reported results for the three months and nine months ended October 29, 2005.
Kohl's Corporation reported a 15.3 percent increase in net income for the quarter ended October 29, 2005. Net income was $155.1 million, or $0.45 per diluted share, compared to $134.6 million or $0.39 per diluted share a year ago.
Net sales for the quarter increased 13.7 percent to $3.1 billion from $2.7 billion a year ago. Comparable store sales increased 3.5 percent for the same period.
For the nine months ended October 29, 2005, net income increased 21.4 percent to $467.0 million or $1.35 per diluted share, compared to $384.6 million or $1.12 per diluted share for the nine months ended October 30, 2004.
Net sales increased 14.8 percent to $8.8 billion from $7.6 billion a year ago. Comparable store sales increased 3.9 percent for the same period.
Last year's results reflect the Company's decision to adopt expensing of stock options, which began in the first quarter of fiscal 2005. In accordance with the modified retrospective method, the prior year's results for both the quarter and year-to-date have been restated.
Expansion Update
During the third quarter, the Company opened 61 stores. New markets were the Orlando, FL market with six stores and the Jacksonville, FL market with three stores.
In addition, the Company added 15 stores in the Midwest region, nine stores in the Southwest region, eight stores in the South Central region, seven stores in the Northeast region, eight stores in the Mid-Atlantic region and five stores in the Southeast region.
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