US: Kohl’s conservative after Q1 profit falls 27%
Department store retailer Kohl's Corporation is taking a conservative approach after first quarter profit fell to US$153m from $209m in 2007.
Net sales increased 1.5% to $3.6bn, but comparable store sales fell 6.7%. The first quarter profit equated to $0.49 per diluted share, compared to $0.64 the year before.
"Our first quarter results reflect strong management of inventory levels and expenses in a difficult economic environment," said Larry Montgomery, Kohl's chairman and CEO.
"We remain conservative in our sales expectations for the balance of the year and will manage our business accordingly.
"We will continue to invest for the long term as we add new stores and remodel existing stores, as well as invest in people and technology for market share gain."
The retailer expects to open another 47 new stores during the remainder of the year, making 75 new openings in the year as a whole.
Kohl's expects second quarter earnings per share of $0.70-0.74.
Based on a full-year sales increase of 2-4% and a comparable store sales decline of 3-5%, forecast earnings per share are $2.95-3.15 for the year as a whole.
Department store operator Kohl's Corporation has posted a 17.4% drop in third quarter profit as it buckles up for the most challenging holiday season "in years"....
Lifestyle retailer Urban Outfitters Inc has reported a 31% hike in third-quarter earnings, helped by rising sales at its Anthropologie, Free People, and Urban Outfitters brands....
Struggling women's fashion retailer Charlotte Russe Holding Inc yesterday (12 November) said it will evaluate a buyout bid from one of its largest shareholders - but also released details of a new man...
Cut-price retailer The TJX Companies is bullish about the business's future prospects after its third quarter profit inched up 2% to US$254m....
Soaring third quarter sales at American Apparel were undermined by a one-off stock compensation payment, driving profit down 61% to US$2.3m....
Slumping demand across all divisions dragged down October same-store sales at Gap Inc by 16%, but the retailer said its margins are up and reaffirmed its full year earnings guidance....
The following is a general roundup of US apparel and shoe chains' October 2008 sales results. The list will be updated as new results become available....
Women's wear retailer The Talbots Inc is to sell its J Jill brand and focus instead on its core Talbots business after posting a 13.9% drop in third quarter same-store sales....
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- US apparel retailers' November 2016 sales roundup
- Why do modern robotics elude sportswear makers?
- Planning is key to an effective inventory strategy
- Esquel efficiency drive continues to boost brands
- Taiwan textile maker investing in first US plant
- US Q3 in brief – Sears, Vince Holding, Genesco
- Myanmar garment industry "lacking labour rights"
- Outdoor apparel sector set for double-digit growth