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Kohl’s Reports Sales Dip For Q4, Fiscal 2013

Kohl’s Corporation reported results for the quarter and fiscal year ended February 1, 2014. Comparable sales decreased 2% in the quarter, and 1.3% in the fiscal year. Total sales were $6.09 billion, compared to $6.34 billion in the year ago quarter, with total sales for 2013 $19.03 billion as compared to $19.27 billion in the previous year. Diluted earnings per share were $1.56 for the fourth quarter, compared to $1.66 for the same quarter in 2012; diluted earnings per share were $4.05 in the fiscal year 2013, as compared to $4.17 in 2012.

Kevin Mansell, Kohl’s chairman, president and CEO, said, “We were pleased with our sales during the November and December holiday season as the customer responded favorably to our merchandise and values. Despite increased shipping costs related to our eCommerce business, we were able to achieve our gross margin guidance for the quarter. We believe our inventory levels and assortment are well-positioned as we transition into the spring season.”

The retail calendar for fiscal January 2013 included a fifth week, resulting in a 14-week fiscal fourth quarter and a 53-week year. During this 53rd week, Kohl’s reported that total sales were $169 million; selling, general and administrative expenses were $30 million; interest was $2 million; net income was $15 million and diluted earnings per share was $0.06.

Kohl’s ended the quarter with 1158 stores in 49 states, compared with 1146 stores at the same time last year. During 2013, the company opened 12 new stores and completed 30 remodels.