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Kohl's quarterly earnings down

11/15/2007

MENOMONEE FALLS, Wis. Kohl’s today reported third quarter earnings per diluted share were 61 cents in 2007 compared with 68 cents in last year’s period. Net income was $194 million compared with $224.5 million a year ago, a decrease of 13.6%. Net sales increased to $3.8 billion from $3.7 billion a year ago, an increase of 4.8% for the quarter. Comparable-store sales decreased 2.6% for the same period.

For the nine months ended Nov. 3, net income increased 7.7% to $672.2 million or $2.09 per diluted share, compared to $624.1 million or $1.85 per diluted share for the nine months ended Oct. 28, 2006. Net sales increased 8.3% to $11 billion from $10.1 billion a year ago. Comparable-store sales increased 0.7 percent for the same period.

Larry Montgomery, Kohls chairman and ceo, said, Our sales results reflected a difficult overall environment. We continued to operate our business in a conservative manner, managing inventory investment as we continued our improvement in gross margin while reducing expenses where possible without hurting the customers in-store experience. 

For the fourth quarter, assuming comparable sales of flat to (2)%, the company would expect earnings per diluted share of $1.45 to $1.51. This would result in earnings per diluted share of $3.52 to $3.58 for fiscal 2007 versus its previous guidance of $3.77 to $3.87 per diluted share. This would result in an increase of 6% to 8% over last years $3.31 per diluted share.

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