Kohl's monthly sales drop 20.4%

MENOMONEE FALLS, Wis. Kohl's today reported total sales of $800 million for the fiscal month of January, compared with sales of $995 million last year, a 20.4% decrease. The company reported a modest gain in fourth quarter sales, with a 0.7% increase over the same period last year.

For the month of January, Kohl's reported a comparable-store sales decrease of 8.3%. For the fourth quarter, comparable-store sales were down 4%. 

Larry Montgomery, Kohl’s chairman and ceo, commented, “Customers continue to be selective in their purchases, driven by value and need. Our inventory management strategy was successful and we will end the quarter with inventory below last year on a per store basis. Based on January’s sales results, we expect our earnings per share to be at the low end of our guidance of $1.30 to $1.34 per diluted share.”