Menomonee Falls, WI, August 13--Kohl's reported second quarter net earnings that were up 39% to $155.8 million, or 45 cents per share from $112.1 million, or 33 cents, a year earlier. The company's second quarter ended July 31.
Analysts, on average, had expected earnings of 44 cents per share, according to Reuters Estimates.
Sales in he quarter increased 13.1 percent to $2.5 billion, while sales at stores open at least one year, a key metric known as same-store sales, fell 1.1 percent.
On Aug 5, the company said same-store sales fell 1.2 percent for the same quarter. The company couldn't be reached immediately to explain the difference in the percent figures.
Gross margins increased to 36.4 percent from 33.4 percent a year earlier.
Larry Montgomery, Kohl's chairman and chief executive officer, said the company expects new merchandise launches in the third quarter will help the company "return to positive comparable store sales increases in the third quarter."
Kohl's said it plans to open another 48 stores in the third quarter and a total of 95 stores in fiscal 2004.
For fiscal 2005, the Kohl's said it planned to open another 95 stores, half in the first quarter.
