Menomonee Falls-based Kohl’s Corp. today reported first quarter net income of $125 million, or 60 cents per share, down from $147 million, or 66 cents per share, in the first quarter of 2013.
Revenue was $4.1 billion, down from $4.2 billion in the same period a year ago.
Comparable store sales were down 3.4 percent, compared to a 1.9 percent drop last year. The company opened four new stores, relocated an existing store and closed two stores during the quarter. It now has 1,160 stores in 49 states.
“We did not achieve our first quarter sales goals, but we were encouraged by the improvement in sales as the quarter progressed,” said Kevin Mansell, president and chief executive officer. “Our teams managed our inventory levels appropriately and expenses were controlled throughout the organization during the quarter.”
Kohl’s has built a new leadership team across the company in the last year and a half, Mansell said in a conference call to discuss the earnings this morning.
“Frankly, that’s been driven by the need to drive better results, particularly on the top line, and evolve our business more fully and with much greater speed,” he said. “We need to evolve as a company, and we’re taking this opportunity to refocus, reenergize and pave our path forward with a new and clear purpose. We expect greatness and we have a plan to get there.”
Brands, value and convenience continue to be important to Kohl’s customers, and their expectations around speed and choice continue to be raised, Mansell said.
