Menomonee Falls, August 19--Kohl's is looking to nearly double its store count in an expansion move that management anticipates will ring up sales of $24 billion in the next five years.
Speaking at an analyst conference in Boston, chief executive Larry Montgomery reaffirmed the company's projection for the rest of the year.
Specifically, he's forecasting a third-quarter profit of $0.43 to $0.46 a share and fourth-quarter earnings of $1.10 to $1.14 a share.
As a result, Kohl's full-year earnings should be in a range of $2.42 to $2.50 a share in. Same-store sales for the fall season are expected to rise by 4% to 6%.
By 2010, Montgomery said, Kohl's will operate 1,200 stores that he sees generating income of $1.9 billion -- well above last year's profit of $752 million.
He said the company plans to open 200 stores in 2006 through 2007 and another 300 by 2010 by taking advantage of real-estate opportunities popping up for retailers. Stores closings are on the agenda for Toys "R" Us and Kmart properties, for example.
As for apparel merchandising, Kohl's said it's teaming with Liz Claiborne Inc. to launch Stamp 10 for men and women, a contemporary brand. The clothing will be in stores next spring.
Kohl's also is expanding by extending its Nine & Co. brand into home this fall and adding to its Apt. 9 and Candies brands in the spring.
