KOHL’S QUARTER NET UP 24.3%
NEW YORK — Riding strong sales, Kohl’s Corp. reported fourth-quarter earnings jumped 24.3 percent to $42.1 million, or $1.14 a share, from $33.9 million, or 92 cents a year ago.
Also, Kohl’s announced a 2-for-1 stock split to be distributed on April 29 to shareholders of record on April 12. William S. Kellogg, chairman and chief executive officer, said the split follows a sharp rise in the stock and “confidence” in the future.
The stock closed Tuesday at 63 5/8, up 1/2, on the New York Stock Exchange.
Sales at the Menomonee Falls, Wis.-based retailer rose 23.5 percent to $707 million from $564.3 million for the three months ended Feb. 3. Same-store sales were up 7.2 percent.
For the full year, earnings were up 6 percent to $72.7 million, or $1.97, which included a one-time $14.1 million charge related to bringing a credit card operation in-house. In the year-ago period, the company earned $68.5 million, or $1.87.
Sales increased 23.9 percent to $1.9 billion from $1.55 billion. Same-store sales were up 5.9 percent.
Kellogg noted that for the year, income before the charge was up 18.2 percent.