Menomonee Falls, Wis. -- Kohl’s Corp. reported that profit for the quarter ended Aug. 3 fell 4% to $231 million, compared with $240 million in the year-ago period. Results were impacted by rising costs, but still met Wall Street expectations.
Sales edged up 2% to $4.29 billion from $4.21 billion in the period, and matched analysts’ expectations. Same-store sales rose 0.9%, missing Wall Street’s estimated 1.1% rise.
“We are pleased with our progress in the second quarter,” said Kevin Mansell, CEO. “Sales improved significantly over the first quarter and our gross margin improved over last year. Expenses were well-managed and we ended the quarter with inventory per store up mid-single digits while funding our e-commerce growth.”
The company opened nine new stores during first quarter 2013 and said it expects to open three new stores and remodel 30 stores in the fall.