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%.
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