KOHL’S 3RD-QUARTER NET GAINS 5.2%
NEW YORK — Kohl’s Corp., which rapidly expanded in the third quarter, said profits during the period rose 5.2 percent on a 14.2 percent gain in sales.
In the quarter ended Oct. 29, the retailer, based in Menomonee Falls, Wis., earned $13.8 million, or 38 cents a share, in line with Wall Street estimates, against $13.1 million, or 36 cents a year ago. Sales were $389.5 million against $341 million and same-store sales were up 1.8 percent.
In the nine months, earnings climbed 25.8 percent to $34.6 million, or 94 cents, from $27.5 million, or 75 cents in the year-ago period. Sales grew 16.6 percent to $989.8 million from $848.7 million and same-store sales increased 6.1 percent. Selling, general and administrative expenses for the same period declined as a percentage of sales to 24.8 percent from 25.2 percent.
The firm opened 16 stores and a distribution center during the quarter. As of the end of October, Kohl’s increased its store base by 20 percent with 12 store openings during the month. Kohl’s currently operates 108 department stores and plans to open 20 stores in 1995.
— Fairchild News Service