November 9, 2006
KOHL'S CORPORATION REPORTS THIRD QUARTER EARNINGS

Earnings per Share Increased 51 Percent to $0.68 Per Diluted Share
Total Year EPS Guidance Raised to $3.16 to $3.24 Per Diluted Share

MENOMONEE FALLS, WI … November 9/BUSINESS WIRE/Kohl's Corporation (NYSE:KSS)

Third Quarter 2006 Highlights

· Net Income increased 45 percent, or 120 basis points as a percent of net sales
· Comparable sales increased 8.5 percent
· Opened 65 stores - the largest one-day opening in Company history

Kohl's Corporation today reported net sales and earnings for the three months and nine months ended October 28, 2006.

Kohl's Corporation reported earnings per diluted share for the quarter ended October 28, 2006 of $0.68 versus $0.45 a year ago, a 51 percent increase. Net income was $224.5 million compared to $155.1 million a year ago, a 45 percent increase. Net sales for the quarter increased 16.6 percent to $3.6 billion from $3.1 billion a year ago while comparable store sales increased 8.5 percent.

For the nine months ended October 28, 2006, net income increased 34 percent to $624.1 million or $1.85 per diluted share, compared to $467.0 million or $1.35 per diluted share for the nine months ended October 29, 2005. Net sales increased 15.6 percent to $10.1 billion from $8.8 billion a year ago. Comparable store sales increased 6.9 percent for the same period.

Larry Montgomery, Kohl's chairman and chief executive officer, said, "We are extremely pleased with our performance for the third quarter. We delivered solid top-line growth and outstanding profitability. We continue to see consistency in all lines of business and all regions of the country. This has allowed us to generate profitable market share growth. We believe we have great momentum entering the fourth quarter."

Montgomery added, "Our associates are critical to our success as a company and I want to thank them for their hard work, loyalty, and commitment to customer service. I especially want to thank them for the role they played in opening 65 new stores in one day - the largest grand opening in our history. They are the reason you can continue to 'expect great things' from Kohl's."

Earnings Guidance
As a result of its third quarter performance, the Company is raising its full-year earnings guidance from $3.04 to $3.13 per diluted share to $3.16 to $3.24 per diluted share for fiscal 2006. This would result in an increase in earnings per diluted share of 30 percent to 33 percent over last year. The Company reaffirmed its guidance for the fourth fiscal quarter of $1.36 to $1.42 per diluted share.

Expansion Update
During the month of October, the Company opened sixty-five new stores in thirty states across the Country. This was the Company's largest one-day opening in its history. The Company operated 814 stores in 45 states as of October 28, 2006, compared with 731 stores in 41 states at the same time last year.

The Company opened three additional stores in November. This completed the opening of 85 stores in fiscal 2006. The Company now operates 817 stores in 45 states.

Third Quarter Earnings Conference Call
Investors will have the opportunity to listen to the third quarter earnings conference call today at 5:00 PM (EST) by dialing (913) 905-3179, using Confirmation Code 4773974, at least ten minutes prior to the call.

In addition, the call will be web cast live over the Internet through the Company's web site located at http://www.kohls.com (see "Company News"), or through Premiere Global Services' web site at https://cis.premconf.com/sc/scw.dll/usr?cid=vlllrzlncnsvwxlcl. To listen to the call, please go to either web site at least fifteen minutes early to register, download and install any necessary audio software. A replay of the call will be available for 30 days. To access this replay, dial (719) 457-0820, and use Pass Code: 4773974.

Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including guidance on the Company's targeted sales and earnings. 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 in Item 1A in 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.

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Click here for Kohl's Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets
and Condensed Consolidated Statements of Cash Flows.
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Investor Relations Contact:
Wes McDonald, Chief Financial Officer, (262) 703-1893

Public Relations Contact:
Vicki Shamion, Vice President of Public Relations, (262) 703-1464

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