Kohl's Net Drops 7.9 Percent in Fourth Quarter
February 23, 2012,
MENOMONEE FALLS, Wis.-Kohl's ended its fiscal year on Jan. 28 with a 7.9 percent fall in fourth-quarter net income to $455 million. The result brought its net income for the fiscal year to $1.2 billion, up 4.2 percent over the prior fiscal year.
A laggard sales performance and rising expenses combined to trim down the department-store retailer's bottom line. Net sales were flat at $6 billion in the quarter, including a decrease of 2.1 percent in same-store sales. For the fiscal year, net sales rose 2.2 percent to $18.8 billion, including a 0.5 percent increase in same-store sales.
Kohl's ended 2011 with 1,127 stores in 49 states, up by 38 locations from 2010.