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Kohl’s 4Q Sales Steady in Mixed Season
Feb 8, 2016 9:02 AM
By Rapaport News
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RAPAPORT... Department-store chain Kohl’s Corporation
reported comparable sales increased 0.4 percent in the fourth quarter to January
as a stronger holiday season from Thanksgiving week to Christmas was offset by
a slow start to the period and a weaker-than-expected January. Total sales increased 0.8 percent. The company
lowered its earnings guidance because of lower fourth-quarter sales and gross
margin than planned.
“While we experienced our fifth
consecutive quarter of positive comparable sales increases, sales were very
volatile and less than planned in the fourth quarter,” said Kevin Mansell,
Kohl's chairman, chief executive officer and president, in a statement February
4.
“We experienced a very strong holiday selling season
from the week of Thanksgiving through Christmas. These results were offset by a
very slow start to the quarter in early November and a weaker-than-expected
January as soft demand for cold-weather goods led to lower store traffic in
these more discretionary shopping periods.”
Online-generated
orders and sales each grew about 30 percent during the quarter, the statement
added.
Kohl’s also reported that during the fiscal year
that ended January 31, comparable sales increased 0.7 percent and total sales
advanced 1 percent. The company lowered its diluted earnings guidance for
fiscal 2015 to $3.95 to $4.00 per share excluding debt extinguishment losses
recorded in prior quarters, down from an earlier forecast toward the low end of
$4.40 to $4.60 per diluted share.
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Tags:
holiday sales, Kohl’s Corporation, Rapaport News
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