16 Nov Kohl’s Q3 Comps Gain 1 Percent
Kohl’s Corporation reported results for the quarter and year-to-date periods ended Oct. 31, 2015.
Kevin Mansell, Kohl’s chairman, chief executive officer and president, said, “Our 1 percent increase in sales was driven by strong back-to-school and late October selling periods offset by a weak September. Most of our key initiatives enjoyed strong success while weakness was concentrated in seasonal businesses.”
On November 11, 2015, Kohl’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.45 per share. The dividend is payable December 23, 2015 to shareholders of record at the close of business on December 9, 2015.
Kohl’s ended the quarter with 1,166 stores in 49 states, compared with 1,163 stores at the same time last year.
Loss on Extinguishment of Debt
During the quarter, the Company completed its $1.1 billion debt refinancing when it settled $318 million of debt that had been called in the second quarter. In conjunction with the refinancing, the Company incurred a debt extinguishment loss of $169 million, including $38 million which was recognized in the third quarter.