Ad Shift Hurts Home As Kohl's Comps Decline
Thursday May 31st, 2012 - 2:05PM
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Kohl’s Corp. continues through a rough patch, reporting today that for the four-week month ended May 26, total sales slid 2.6%. Comparable store sales decreased 4.2% versus the four-week month ended May 28, 2011.
Kevin Mansell, Kohl’s chairman, president and CEO, commented, “May sales were lower than our expectations and, as a result, we now expect second quarter comparable store sales to be modestly negative. From a line of business perspective, we saw strength in Accessories. Our Men’s and Women’s businesses also outperformed the company average. The South Central and West were the strongest regions. We made some progress in building our inventory levels, but continue to expect lower units to hinder our sales until the Back-to-School season.”
The Home category suffered a low double-digit comp decline in May. However, the company attributed at least part of the slide, following a strong April performance, to an ad shift forward a month in 2012 from what had been a May initiative last year.
Kohl’s opened nine stores in May, including one relocated store, and closed one. It now operates 1,134 stores in 49 states versus 1,097 stores at the same time last year, the company noted.
Tags: Housewares Cookware & Bakeware Vacuum Cleaners/Electric Cleaning Health & Personal Care Home Décor Home Environment Small Electrics Organization & Cleaning Tabletop Gadgets & Kitchen Tools Retail Financials
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