Kohl's Sees June Comps Sink
Friday July 6th, 2012 - 10:29AM
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For the five-week month ended June 30, Kohl's Corp. reported that total sales decreased 2.6% to $1.71 billion from the period last year. Comparable store sales decreased 4.2% from the year-earlier period.
Among product categories, men’s apparel comps were strongest although only flat year over year, according to a recorded company conference call. Footwear followed with a “very low” single digit comp decline. Accessories came in at the company average while home, children’s and women’s underperformed with comp declines in the negative mid single digit range. Domestics were the strongest home category.
The Midwest was Kohl’s strongest geographical region in June.
Kevin Mansell, Kohl’s chairman, president and CEO, commented on June sales, stating, “Though June sales were again lower than expectations, we are encouraged by improved sales in the latter weeks of the month as we continued to build inventory levels.”
As a result of its quarter-to-date performance, Kohl’s said it now expects second quarter diluted earnings per share to come in at the low end of its previous guidance of 96 cents to $1.02.
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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