Kohl's reports drop in 1Q net income

MENOMONEE FALLS, Wis. Kohl’s reported first quarter net income of $153 million, or 49 cents per diluted share, compared with $209 million, or 64 cents per diluted share, a year ago. Net sales were $3.6 billion, an increase of 1.5% for the quarter. Comparable-store sales for the quarter decreased 6.7%.

Larry Montgomery, Kohl’s chairman and ceo, said, “Our first quarter results reflect strong management of inventory levels and expenses in a difficult economic environment. We remain conservative in our sales expectations for the balance of the year and will manage our business accordingly. We will continue to invest for the long-term as we add new stores and remodel existing stores as well as invest in people and technology for market share gain.” 

For the second fiscal quarter, the company expects earnings per diluted share of 70 cents to 74 cents. Based on its first quarter results and assumptions of a total sales increase of 2% to 4% and a comparable sales change of negative 3% to negative 5% for the year, the company now expects earnings per diluted share of $2.95 to $3.15 for the year.