Strong inventory management and continued growth of private and exclusive brand strategies were cited by Kohl’s officials as key factors in the retailers sales and net income growth for the fiscal year ended January 30.
Net sales for the year increased 4.8% to $17.2 billion with comparable store sales increased 0.4 percent over the prior year. For the year, net income was $991 million compared to $885 million for fiscal 2008.
Net sales for the fourth quarter were $5.7 billion, an increase of 8.5% for the quarter with comparable store sales for the quarter up 4.5%. Net income for the quarter increased 28% to $431 million compared to $336 million a year ago.
“We improved our merchandise margins significantly through strong inventory management and successful private and exclusive brand strategies,” said Kevin Mansell, Kohl’s chairman, president and CEO. “Expenses were well managed while improving the store experience for our customers.”