Kohl's Q1 Net Down 4.5 Percent
May 16, 2013,
MENOMONEE FALLS, Wis.-Slow sales through much of the first quarter contributed to a drop of 4.5 percent in Kohl's net income to $147 million.
Net sales in the quarter, which ended on May 4, fell 1 percent to $4.2 billion. This included a drop of 1.9 percent in same-store sales. Kevin Mansell, Kohl's chairman, president and CEO, said first-quarter sales were lagging in the beginning of the quarter, and began to pick up in April when the weather improved in the retailer's "most weather-sensitive regions."
Projecting ahead, Kohl's said the second quarter would bring total sales growth of 1 to 3 percent and a same-store sales performance ranging from flat to up 2 percent.