Kohl’s Reports 7.7% Q2 Sales Increase

Kohl’s Corporation has reported results for the second quarter and six months ended July 31, 2010. The department store, which operates 1,089 stores in 49 states, recorded net income for the quarter of $260 million compared with $229 million a year ago. Net sales were $4.1 billion, an increase of 7.7% for the quarter. Comparable store sales for the quarter increased 4.6%.
For the six months ended July 31, 2010, net income increased 25% to $459 million compared to $368 million for the six months ended August 1, 2009. Net sales increased 9.3% to $8.1 billion from $7.4 billion a year ago. Comparable store sales increased 5.9% for the same period.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “We are pleased with our financial results for the second quarter. We continue to gain market share as reflected in our performance in both comparable and total sales growth. This sales performance, along with strong inventory management, allowed us to continue to increase our gross margin rate.”