MENOMONEE FALLS, Wis.–(BUSINESS WIRE)–Kohl’s Corporation (NYSE:KSS) today reported that its comparable sales
decreased 2.1 percent in the fiscal months of November and December 2016
combined, compared with the prior year period. Total sales for the
combined fiscal November and December period decreased 2.7 percent.
“Sales were volatile throughout the holiday season. Strong sales on
Black Friday and during the week before Christmas were offset by
softness in early November and December,” said Kevin Mansell, Kohl’s
chairman, chief executive officer and president.
From a line of business perspective, Men’s, Home and Footwear were the
strongest categories while Accessories was the most challenging. On a
regional basis, the Southeast, Mid-Atlantic and Northeast were the best
Fourth Quarter Earnings Release and Conference Call
On February 23, 2017, the Company will release its fourth quarter and
fiscal 2016 results at 7:00 am ET and host its quarterly earnings
conference call at 8:30 am ET.
The Company now expects its fiscal 2016 diluted earnings per share to be
$2.92 to $2.97 versus its previous guidance of $3.12 to $3.32 per
diluted share. Excluding impairments, store closing and other costs,
fiscal 2016 diluted earnings per share is expected to be $3.60 to $3.65,
down from the Company’s previously stated guidance of $3.80 to $4.00 per
The change in guidance is primarily a result of lower than planned sales
for the quarter. Gross margin is projected to be lower than plan due to
the mix and timing of the sales and the competitive promotional
environment. SG&A expenses are projected to be as planned. Inventories
per store at the end of the fourth quarter are projected to decrease
from prior year levels in the mid-to-high single digit range.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Kohl’s
intends forward-looking terminology such as “believes,” “expects,”
“may,” “will,” “should,” “anticipates,” “plans,” or similar expressions
to identify forward-looking statements. Such statements are subject to
certain risks and uncertainties, which could cause Kohl’s actual results
to differ materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, but are not limited
to, those described in Item 1A in Kohl’s Annual Report on Form 10-K,
which is expressly incorporated herein by reference, and other factors
as may periodically be described in Kohl’s filings with the SEC
Kohl’s (NYSE: KSS) is a leading specialty department store with more
than 1,100 stores in 49 states. With a commitment to inspiring and
empowering families to lead fulfilled lives, the Company offers amazing
national and exclusive brands, incredible savings and inspiring shopping
experiences in-store, online at Kohls.com
and via mobile devices. Committed to its communities, Kohl’s has raised
nearly $300 million for children’s initiatives nationwide through its
Kohl’s Cares® cause merchandise program, which operates under Kohl’s
Cares, LLC, a wholly-owned subsidiary of Kohl’s Department Stores, Inc.
For additional information about Kohl’s philanthropic and environmental
initiatives, visit www.Kohls.com/Cares.
For a list of store locations and information, or for the added
convenience of shopping online, visit www.Kohls.com.
Connect with Kohl’s:
Chief Financial Officer, (262) 703-1893
Johnson, VP Corporate Communications, (262) 703-5241