(Filed Under Financial and General Interest News). Mid-priced department store chain Kohl’s Incorporated—whose sales have trumped those of high-end department stores throughout the recession—cited a 20 percent income jump during the third quarter ended October 31, 2009; to $193 million, or 63 cents per diluted share, from $160 million, or 52 cents per diluted share, during last year’s third quarter. The company cited net sales and comparable store sale increases of 6.5 percent and 2.4 percent, respectively. It opened 56 stores and remodeled eight, ending the quarter with 1,059 stores in 49 states, compared to 1,004 stores in 48 states a year ago.
For the nine months ended October 31, 2009, net sales increased 3.1 percent, to $11.5 billion from $11.2 billion, while comparable store sales decreased 1.3 percent.
Kevin, Mansell, chairman, president and chief executive officer of the company, attributed Kohl’s success during the third quarter to the growth of its exclusive designer brands and inventory control, commenting; “We continue to experience improvement in inventory management and increased penetration in ‘Only At Kohl’s’ brands that have led to increased cash flow and consistently improved gross margins.”
For further information, contact Wes McDonald, chief financial officer of Kohl’s: (262) 703-1893.
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