Kohl's Net Jumps 45 Percent in First Quarter
May 13, 2010,
MENOMONEE FALLS, Wis.-Net income for Kohl's finished the first quarter at $199 million, up 45 percent from the first quarter of last year.
The department-store retailer achieved this boost to the bottom line through a 10.9 percent gain in net sales for the quarter--which totaled $4 billion and which included a 7.4 percent pickup in same-store sales. The sales rise helped increase the company's gross margin by 50 basis points to 38.1 percent, and led to a 90 basis-point reduction in selling, general and administrative expenses as a percentage of sales. SG&A on a dollar basis did grow 7.3 percent in the quarter, while cost of merchandise sold increased 10 percent.