Kohl’s reports strong quarter heading into holiday season

Kohl's store
A Kohl's store.

Menomonee Falls-based Kohl’s Corp. today reported third quarter net income of $120 million, or 63 cents per share, down from $142 million, or 70 cents per share, in the third quarter of 2014.

Kohl's store
A Kohl’s store.

The company recorded a debt extinguishment loss of $38 million in the third quarter, which brought its profit down about 16 percent.

The national retailer’s quarterly operating income was $308 million, up from $304 million in the same period a year ago.

Revenue was $4.4 billion in the quarter, flat from the third quarter of 2014.

Comparable store sales were up 1 percent, compared with a 1.8 percent decrease in the same period last year.

The results were lauded by retail analysts wary over a poor Macy’s earnings report yesterday.

“Our 1 percent increase in sales was driven by strong back-to-school and late October selling periods offset by a weak September,” said Kevin Mansell, chairman, president and chief executive officer of Kohl’s. “Most of our key initiatives enjoyed strong success while weakness was concentrated in seasonal businesses.”

Kohl’s has 1,166 stores in 49 states, up from 1,163 at the end of the third quarter last year.

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Molly Dill, former BizTimes Milwaukee managing editor.

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