Kohl's posts 10.4% July comps drop

MENOMONEE FALLS, Wis. Kohl’s reported a sales decrease for the four-week month ended Aug. 2 of 2.4% to $1.03 billion from last year's $1.05 billion. Comparable-store sales decreased 10.4% for July.

"July was a month driven by clearance sales of spring and summer merchandise," said Kohl's chairman and ceo Larry Montgomery. "Our inventory levels in these clearance and transitional categories were significantly lower than last year, affecting sales results, but leading to improved gross margins. We enter the fall season well-positioned and able to react quickly to any improvement in sales trends.”