Kohl’s Profit Rises 19% as Sales Jump
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Kohl’s Corp., the fastest-growing department store, said earnings rose 19% in the last quarter as it opened stores and sold more jewelry and clothing during the holidays.
Kohl’s stocked brand-name clothing and gifts at lower prices than rivals such as Sears, Roebuck & Co. and J.C. Penney Co.
Kohl’s said it opened 75 stores last year. It plans to open 80 this year, including 28 in the Los Angeles area this week.
Fourth-quarter net income increased to $279 million, or 81 cents a share, from $233.8 million, or 68 cents, a year earlier, the firm said. Sales at Menomonee Falls, Wis.-based firm rose 17% to $3.18 billion.
Kohl’s shares fell $1.29 to $46.26 on the NYSE before the release of earnings results. In after-hours trading the shares rose to $47.30.
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