Kohl’s fourth quarter sales decrease

Special to The Freeman

Feb. 27, 2014

MENOMONEE FALLS – Kohl’s Corporation reported a decrease in fourth quarter sales, as well as year over year sales, on Thursday.

According to the company, sales in the fourth quarter of 2013 were almost $6.1 billion compared to $6.342 billion for the same period the year before. Sales for fiscal 2013 were approximately $19 billion compared to approximately $19.279 billion for fiscal 2012. The company earned $334 million during the fourth quarter of 2013, compared to $378 million during the same period in 2012. In fiscal 2013, the Kohl’s Corporation earned $889 million compared to $986 in 2012, a 10 percent decrease.

The financial results for fiscal 2012 were affected by the 53rd week, according to Kohl’s. During this 53rd week, total sales were $169 million; selling, general and administrative expenses were $30 million; interest was $2 million; net income was $15 million and diluted earnings per share was $0.06.

“We were pleased with our sales during the November and December holiday season as the customer responded favorably to our merchandise and values,” Kevin Mansell, Kohl’s chairman, president and chief executive officer, said in a statement. “Despite increased shipping costs related to our E-Commerce business, we were able to achieve our gross margin guidance for the quarter. We believe our inventory levels and assortment are well-positioned as we transition into the spring season.”

Kohl’s ended the fourth quarter with 1,158 stores in 49 states, compared with 1,146 stores at the same time last year. During 2013, the Menomonee Falls-based retailer opened 12 new stores and completed 30 remodels.