Kohl’s profits dip

Menomonee Falls-based Kohl’s Corp. today reported that its net income for its fiscal fourth quarter was down 16.9 percent compared with its previous fourth quarter and its net income for the entire 2012 fiscal year was down 15.5 percent.

The company reported net income of $378 million, or $1.66 diluted earnings per share, for the quarter, down from $455 million, or $1.81 per share, for the 2011 fiscal four quarter. For all of fiscal 2012, the company reported net income of $986 million, or $4.17 diluted earnings per share, compared with $1.167 billion, or $4.30 per share, in fiscal 2011.

The company’s total sales for the fiscal year were up 2.5 percent to $19.3 billion, but comparable store sales were only up 0.3 percent for the year.

“Sales for the fourth quarter developed very late and, as a result, came at a cost to profitability,” said Kevin Mansell, Kohl’s chairman, president and chief executive officer. “We were, however, able to end the quarter with levels of inventory appropriate for a strong transition to spring. Our associates across the company did an excellent job in managing expenses throughout the year.”

Kohl’s now has 1,146 stores in 49 states. The company opened 21 stores in 2012, including one store that was relocated. The company closed one store and completed 50 store remodeling projects during the year.


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