Kohl’s earnings fall on lower same-store sales

Menomonee Falls-based Kohl’s Corp. today reported second quarter net income of $232 million, or $1.13 per share, up from $231 million, or $1.04 per share, in the second quarter of 2013.

Revenue was $4.2 billion, down from $4.3 billion in the same period a year ago.

Comparable same-store sales decreased 1.3 percent in the quarter and transactions per store decreased 3.2 percent. The company said the decreases were due to a higher mix of lower margin sales.

The company ended the quarter with 1,160 stores in 49 states, compared to 1,155 stores at the same time last year. It opened four new stores, relocated an existing store and closed two stores during the quarter. Kohl’s will open three new stores and reopen a temporarily closed store this fall.

“We are pleased with the improvement we saw in sales as the quarter progressed,” said Kevin Mansell, chairman, president and chief executive officer of Kohl’s. “The improvement was the most dramatic in the month of July, which posted a positive comp. As they consistently do, our teams did a great job of managing expenses throughout the quarter. We enter the back-to-school season with fresh, new inventory and encouraging momentum.”

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