Monday November 12th, 2012 - 11:47AM
For the third quarter, Kohl’s Corp. posted a 14% increase in diluted earnings per share to 91 cents versus 80 cents in the period a year earlier. Net income reached $215 million versus $211 million in the 2011 third quarter.
Earnings per diluted share beat a Zacks Consensus Estimate of financial analysts that came in at 87 cents.
Net sales increased 2.6% to $4.5 billion while comparable store sales gained 1.1%.
In a conference call, the company stated that the third quarter comp increase reflected a better market basket but small reduction in transactions per store.
In the conference call, Kevin Mansell, Kohl’s chairman, president and CEO, said the home category delivered positive comps but below the company average, with the strongest segments being bedding, electrics and bath.
Mansell noted, in commenting on the quarterly results, “Our sales performance in the third quarter was consistent with our expectations, while our gross margin results were better than expected. Thanks to our dedicated teams, expenses were again well managed. We have made noticeable investments in holiday inventory— both in depth and content— and the in-store experience. Our stores are festive and fun to shop. We are also very excited about our expanded gift strategy and our ability to offer great products at great values."
Kohl’s ended the quarter with 1,146 stores in 49 states, the company noted, versus 1,127 stores at the same time last year.