Third quarter net sales at Kohl’s were up mid-single digits as the retailer continued to see growth of branded product proprietary to the mid-tier department store.
Net sales for the quarter ended October 31 were $4.1 billion, an increase of 6.5% for the quarter. Comparable store sales for the quarter increased 2.4%. Net income for the quarter increased 20% to $193 million.
For the nine months ended October 31 net sales increased 3.1% to $11.5 billion from $11.2 billion a year ago. Comparable store sales decreased 1.3% for the same period. Net income for the first nine months was $560 million compared to $549 million for the same time frame the previous year.
“We were pleased with our sales performance in the third quarter as we achieved a positive comparable sales increase in a very difficult environment,” said Kevin Mansell, chairman, president, CEO of Kohl’s. “In addition, we continue to experience improvement in inventory management and increased penetration in ‘Only at Kohl’s’ brands that have led to increased cash flow and consistently improved gross margins.”
During the first nine months of 2009, Kohl’s successfully opened 56 stores. The Company ended the quarter with 1,059 stores in 49 states, compared with 1,004 stores in 48 states at the same time last year. The Company completed 51 store remodels, compared to 36 stores last year.
For the fourth quarter, the company expects total sales to increase between 3% and 6% with comparable store sales to range between negative 1% and positive 2%.