12 May Kohl’s Q1 Comps Slide 2.7 Percent
Kohl’s Corp. reported sales in the first quarter fell 3.2 percent to $3.84 billion. Same-store sales were down 2.7 percent on top of a 3.9 percent decline a year ago.
Net earnings reached $66 million, or 39 cents a share, against earnings of $17 million, or 9 cents. Excluding non-recurring items, earnings were up 14 percent to $66 million, or 39 cents, from $58 million, or 31 cents, a year ago.
Kevin Mansell, Kohl’s chairman, chief executive officer and president, said, “We are encouraged by the significant improvement in sales and traffic for the March and April period, after a weak February start to the first quarter. Continued strong inventory management led to a major improvement in gross margin, and our teams managed expenses exceptionally well. I am pleased to say that combined together these efforts led to an increase in income for the period.