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May 13, 2004 KOHL'S CORPORATION REPORTS FIRST QUARTER EARNINGS MENOMONEE FALLS, Wis., May 13, 2004 — Kohl's Corporation today
reported net sales and earnings for the first quarter ended May
1, 2004. Net sales for the quarter were $2.4 billion, an increase of 12.4 percent over the same period a year ago. Comparable store sales for the quarter decreased 0.1 percent. Net income for the quarter was $113.8 million, or $0.33 per diluted share, compared with $111.0 million or $0.32 per diluted share for the same quarter a year ago. Larry Montgomery, chairman and chief executive officer, said, "Although
we are disappointed with our comparable store sales performance,
we are pleased with our new market entries during the quarter: Sacramento,
San Diego, Fresno and Bakersfield, California and Memphis, Tennessee.
Our expenses were well controlled during the quarter and our emphasis
on inventory management resulted in increased gross margin." Montgomery added, "With the return to appropriate inventory levels, the customer now has the shopping environment that she has come to expect from Kohl's. I am very proud of our 85,000 associates and the role they played to return our store to a pleasant shopping experience and want to thank them for their hard work and dedication to serving our customers." Expansion Update The Company expects to open approximately 48 stores in the third fiscal quarter including its entry into San Francisco, CA with 11 stores and Salt Lake City, UT with five stores. The remaining new stores to be opened in existing markets will be spread across all regions of the country. In total, the Company plans to open approximately 95 stores in fiscal 2004. In fiscal 2005, the Company plans to open another 95 stores. The Company will continue to expand its presence in the Southwest region as well as other regions in which it currently operates. The Company now operates 589 stores in 38 states, compared with
492 stores in 34 states at the same time last year. First Quarter Earnings Conference Call Investor Conference This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Kohl's intends forward-looking terminology such as "believes", "expects", "may", "will", "should", "anticipates", "plans", or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to those described on Exhibit 99.1 to Kohl's annual report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Kohl's filings with the SEC. # # # Click
here
for Kohl's Condensed Consolidated Statements of Income, Condensed
Consolidated Balance Sheets Investor Relations Contact: Public Relations Contact: |
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