Kohl's reports quarterly income increase

MENOMONEE FALLS, Wis. Kohl’s reported net income for the first quarter ended May 1 of $199 million, or 64 cents per diluted share, compared with $137 million, or 45 cents per diluted share, a year ago. Net sales were $4 billion, an increase of 10.9% for the quarter. Comparable-store sales for the quarter increased 7.4%.

Kevin Mansell, Kohl’s chairman, president and CEO, said, “We achieved our goal of gaining market share through our performance in both comparable and total sales growth in the first quarter. We improved our merchandise margins significantly through strong inventory management and successful private and exclusive brand strategies. Expenses were well managed while improving the store experience for our customers. I am very proud of our 130,000 associates and the role they played in these results and want to thank them for their hard work, loyalty and dedication in delivering on our promise to ‘expect great things’ from Kohl’s."

The company provided initial guidance for its second fiscal quarter ending July 31 of 70 cents to 75 cents per diluted share. The company also updated its guidance for fiscal 2010 to $3.57 to $3.75 per diluted share, reflecting its first quarter results, from its initial guidance of $3.40 to $3.63 per diluted share.