NEW YORK - Kohl's Corp.
reported a surge in second-quarter profit, topping expectations, as
it cut some costs and moved away from hefty charges for store
The Menomonee Falls-based
company's profit jumped 49 percent to $208 million, or $1.24 per
share. The department store operator reported a $128 million charge
a year ago for store closures.
Revenue fell just under 1
percent to $4.14 billion.
The results beat Wall Street
expectations. The average estimate of nine analysts surveyed by
Zacks Investment Research was for earnings of $1.19 per share.
Revenue met forecasts.
The department store operator
said same-store-sales - or sales in stores open a year, a key
measure of a retailer's health - fell 0.4 percent during the
quarter. Still, President and CEO Kevin Mansell said foot traffic
increased during the quarter.
The company is trying to
attract more shoppers by offering more outside brands and cutting
some of its in-house clothing brands. It plans on selling Clarks
shoes for the back-to-school shopping season and is looking for
other brands to add to store aisles. The chain has said it will
still offer the best-selling of its private-label brands, such as
Sonoma, Croft & Barrow and Apt. 9, but others might get the boot or
Kohl's shares have decreased
15 percent since the beginning of the year, while the Standard &
Poor's 500 index has climbed 11 percent. The stock has climbed 11
percent in the last 12 months.