KOHL’S FOURTH QUARTER SEES 20.6% PROFIT GAIN
NEW YORK — Continuing its winning ways, Kohl’s Corp. racked up a 20.6 percent fourth-quarter earnings gain before a special item, on a 6.6 percent same-store sales increase.
The moderate-priced promotional department store company, based in Menomonee Falls, Wis., projects sales and earnings will grow 20 percent in 1995, according to Tim Brophey, vice president and controller. He noted the company is comfortable with the Wall Street consensus for earnings per share of $2.20 to $2.25. New stores and good expense leverage should contribute to growth, he said. In the quarter ended Jan 28, earnings rose to $33.9 million, or 92 cents a share, from $28.1 million a year ago. In the year-earlier quarter, a $1.8 million charge for writing off unamortized deferred financing costs reduced net income to $26.4 million, or 72 cents.
Sales climbed 23.5 percent to $564.3 million from $457.1 million. Selling, general and administrative expenses as a percentage of sales declined to 23 percent from 23.4 percent. In the year, earnings rose 23.1 percent to $68.5 million, or $1.87, from $55.7 million before the write-off. Year-ago net totaled $53.9 million, or $1.47 a share. Sales climbed 19.1 percent to $1.6 billion, from $1.3 billion, with comparable-store sales up 6.1 percent.
In the quarter, Kohl’s opened a new distribution center and 18 new stores, bringing the total to 108.