Kohl’s Reports First Quarter Sales Slip

Kohl’s Corporation today reported results for the quarter ended May 3, 2014. Sales were $4.07 billion, down 3.1% from the year ago quarter. Comparable store sales were also down 3.4%, Kohl’s reported. Net income was $125 million, a 15% decrease. 

Kevin Mansell, Kohl’s chairman, president and CEO, said, “We did not achieve our first quarter sales goals, but we were encouraged by the improvement in sales as the quarter progressed. Our teams managed our inventory levels appropriately and expenses were controlled throughout the organization during the quarter.”

The company expects diluted earnings per share of $4.05 to $4.45 for fiscal 2014, which is consistent with its previous guidance.

Kohl’s ended the quarter with 1,160 stores in 49 states, compared with 1,155 stores at the same time last year. The company opened four new store locations, relocated one existing store and permanently closed two stores during the first quarter of 2014.