USA: Kohl's Corp's Q1 Income Grows 10%
Mid-price department store chain Kohl's Corporation said first-quarter net income rose 10 per cent on both net sales and same-store sales growth.
Net income totalled $124.7 million compared with $103.1m in the same period last year.
Net sales rose 15.2 per cent to $2.7 billion from $2.4bn in the same period last year, while same-store sales grew 3.7 per cent.
Larry Montgomery, Kohl's chairman and chief executive officer, said that the company was aiming for same-store sales growth in the mid-single digit range for the rest of the year and earnings per share of $2.40 - $2.50.
Kohl's operates 669 stores in the US, compared with 589 stores at the same time last year. The company will open one store in Chicago in May and expects to open approximately 62 additional stores in the third quarter.
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