US: Kohl's third-quarter earnings edge up
- Third quarter net income up 1.9%
- Sales increased 2.6% to $4.5bn
- Comparable sales grew 1.1%
US department store operator Kohl's saw third quarter net income edge up on the back of rising sales.
The company today (8 November) said that third-quarter net income increased 1.9% to US$215m over the quarter ended 27 October. Net sales were up 2.6% to $4.5bn. Comparable sales grew 1.1% over the quarter.
Gross margin narrowed to 38.1% from 38.6%.
"Our sales performance in the third quarter was consistent with our expectations, while our gross margin results were better than expected, said chairman, president and CEO Kevin Mansell.
The company is expecting a robust holiday season, with Manesll adding that it has made "noticeable investments in holiday inventory - both in both in depth and content - and the in-store experience".
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