Thursday September 6th, 2012 - 10:50AM
For the four-week month ended August 25, Kohl’s Corp. reported that comparable store sales increased 3.4% versus the month last year. Total sales increased 5.3% compared to the month ended August 27, 2011.
In commenting on the monthly results, Kevin Mansell, Kohl’s chairman, president and CEO, said, “Our August sales reflect improvement in our merchandise content, inventory levels and marketing strategies. All regions and lines of business reported higher sales for the month. Best performing businesses were footwear, men’s and children’s.”
Standard & Poor’s analyst Jason Asaeda, in a research note, pointed out that Kohl’s suffered when customers resisted price increases taken last fall. The retailer then tried to reassert price leadership, and, when it began to gain traction, particularly at the opening pricepoint, ran into inventory problems that left sales on the table. He noted, however, that Kohl’s is entering the fall season in an improved stock position. And Asaeda added that he expects Kohl’s to sharpen it value message through pricing and advertising in an effort to gain additional customer share of wallet.
Kohl’s operates 1,134 stores in 49 of the United States. In expression of a commitment to sustainability, Kohl’s this week announced an expansion of its electric vehicle charging station initiative. The retailer will add 36 new stations across 18 additional Kohl’s locations by the end of fall 2012. With the expansion, Kohl’s shoppers can access a total of 101 charging stations at 52 Kohl’s locations across 14 states. Already, the retailer has more than 120 solar-powered stores, more than 700 Energy Star-labeled locations and nearly 300 LEED-certified stores in the U.S.