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Kohl’s Sales, Net Income Slips In Q3

Kohl’s Corporation has reported results for the quarter and year-to-date period ended November 2, 2013. Kohl’s third-quarter sales were $4,444 million as compared to $4,490 million in the year-ago quarter. Net income was $177 million compared to $215 million in 2012.
Kevin Mansell, Kohl’s chairman, president and CEO, said, “As we enter the Holiday season, we believe we are well-positioned from a merchandise content and inventory perspective to gain market share. We have increased our marketing spending and improved its impact and reach in order to drive higher traffic to our stores and on-line. Our customer will find the perfect gift for everyone on her shopping list at Kohl’s and will be excited by the value she receives in both our only-at-Kohl’s and national brands.”
On November 13, 2013, Kohl’s Board of Directors declared a quarterly cash dividend on the company’s common stock of 35 cents per share. The dividend is payable December 24, 2013 to shareholders of record at the close of business on December 11, 2013.
Kohl’s ended the quarter with 1158 stores in 49 states, compared with 1146 stores at the same time last year. The company opened three new stores during the third quarter and nine new stores during the first quarter of 2013. Additionally, the company remodeled 30 stores in 2013.
The company provided initial guidance for the fiscal quarter ending February 1, 2014 of $1.59 to $1.74 per diluted share. The guidance is based on total sales declines of two to four percent and comparable store sales declines of up to two percent. The company also updated its annual earnings per share guidance from $4.15 to $4.35 to $4.08 to $4.23. The company also announced that it will provide only annual guidance beginning in Fiscal 2014.