US: Kohl’s Q4 profit dips on slow sales
- Q4 net profit down 17% to US$378m
- Net sales up 5.4% to $6.34bn
- Comparable store sales up 1.9%
Full-year sales were up 2.5% to $19.28bn
A slow start to the fourth quarter cost department store retailer Kohl’s Corporation in terms of profitability, leading to double-digit declines in net profit for the quarter and full year.
Full-year sales were up 2.5% to $19.28bn, but comparable store sales inched up by only 0.3%, leaving net profit at $986m, down 15.5% on last year.
“Sales for the fourth quarter developed very late and, as a result, came at a cost to profitability,” said Kevin Mansell, Kohl’s chairman, president and CEO.
“We were, however, able to end the quarter with levels of inventory appropriate for a strong transition to spring.”
For the new fiscal year, the company is forecasting earnings per diluted share of $4.15-4.45, based on total and comparable store sales moving up by 0-2%.
Unveiling a new five-year plan to improve worker safety at the factories in Bangladesh that produce their clothing, North American brands and retailers were keen to stress the similarities between the...
The group of leading retailers and brands who make up the North American Alliance for Bangladesh Worker Safety has named Ellen O'Kane Tauscher as the independent chair of its board of directors....
Department store retailer Kohl's has blamed higher expenses for a 4% decline in profit during the second quarter, and said it expects annual earnings to be slightly lower than it originally forecast....
Fashion Avenue Sweater Knits, a leading importer of children's and women's apparel, has gone live on NGC's fashion PLM and Supply Chain Management (SCM) solution....
One of Pakistan's largest textile companies, Nishat Chunian Limited, has acquired Taj Textile Mills in a deal worth PKR350m (US$3.4m)....
A group of leading North American retailers and brands - led by Wal-Mart and Gap - have committed more than $142m in funding and low interest loans to help improve factory safety conditions for garmen...
- Levi Strauss raises the bar on sustainability
- Nike reaffirms US production commitment
- Gap and H&M back Myanmar path to labour reform
- H&M faces margin pressure on dollar impact
- Can the Gap brand reclaim its iconic status?
- Myanmar minimum wage set at US$3.2 per day
- Far Eastern to invest $323m in Vietnam textile hub
- Fast Retailing supplier continues strike talks
- China cotton stockpile auction may shake up market
- Under Armour unveils newest retail presence
- Global market review of lingerie - forecasts to 2020
- World Textile and Apparel Trade and Production Trends: The EU - May 2015
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Myanmar's Garment Sector - Opportunities & Challenges in 2015