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Kohl’s Corporation (NYSE:KSS) reported today that sales for the five-week period ending January 5, 2008 decreased 3.4 percent over the five-week period ending December 30, 2006. Comparable store sales decreased 11.4 percent on a reported basis. As a reminder, last year’s retail reporting calendar included 53 weeks. On a calendar-adjusted basis, comparing the five weeks ended January 5, 2008 to the five weeks ended January 6, 2007, comparable store sales decreased 0.7 percent.
For the nine weeks ended January 5, 2008, total sales increased 5.4 percent while comparable store sales decreased 3.2 percent on a reported basis. On a calendar-adjusted basis, comparing the nine weeks ended January 5, 2008 to the nine weeks ended January 6, 2007, comparable store sales decreased 0.1 percent.
For the 48 weeks ended January 5, 2008, total sales were up 7.4 percent while comparable store sales decreased 0.4 percent on a reported basis.
Larry Montgomery, Kohl’s Chairman and Chief Executive Officer, commented, “Customers’ shopping patterns were driven by a search for value and they responded well to promotions closer to Christmas and post-holiday. Our sales results reflected these deeper discounts, affecting our gross margin. In addition, we have been aggressive in our clearance strategy to ensure we have the appropriate inventory content and level entering fiscal 2008. As a result, we now expect our fourth quarter earnings to be $1.30 to $1.34 per diluted share.”
About Kohl’s
Based in Menomonee Falls, Wis., Kohl’s (NYSE: KSS) is a family-focused, value-oriented specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, beauty and home products in an exciting shopping environment. A company committed to the communities it serves, Kohl’s operates 929 stores in 47 states and has raised more than $85 million for children’s initiatives nationwide through its Kohl’s Cares for Kids® philanthropic program.
For more information, visit www.kohls.com.