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Kohl’s Q2 profit beats expectations on cost controls; sales disappoint

Menomonee Falls, Wis. -- Kohl’s Corp. reported a better-than-expected second-quarter profit amid efforts to control costs. Sales, however, disappointed.

The retailer posted a second-quarter profit of $240 million, down from $299 million in the year-ago period.

Net sales were $4.2 billion, down 1.0% from last year. Same-store sales decreased 2.7% for the quarter.

“Our sales performance in the second quarter was disappointing,” said Kevin Mansell, Kohl’s chairman, president and CEO. “Our gross margin performance for the quarter, however, was better than expected. Our teams remain disciplined in their expense management and, again, delivered solid results. We accomplished our goal of improving inventory levels for the fall season and our sales improved considerably in July as units were received.”
 

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