US: Kohl's second-quarter net income falls on weak sales
US department store operator Kohl's saw second-quarter net income decline on the back of "disappointing" sales.
Net income fell 19.7% to US$240m over the quarter ended 28 July. Sales declined 1% to $4.2bn, and were down 2.7% on a comparable store basis.
"Our sales performance in the second quarter was disappointing," said chairman, president and CEO Kevin Mansell.
"Our gross margin performance for the quarter, however, was better than expected. Our teams remain disciplined in their expense management and, again, delivered solid results. We accomplished our goal of improving inventory levels for the fall season and our sales improved considerably in July as units were received. As we look forward to the fall season, we are excited about the fashion content and level of newness in our assortments."
Over the half, net income fell 21.2% to $394m. Net sales increased 0.4% to $8.4bn, while on a comparable store basis, sales decreased 1.3%.
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