Kohl’s Keeps Holiday Optimism After Weak Third-Quarter
Kohl’s Corp.‘s (NYSE:KSS) third-quarter results did not provide the company with pre-holiday cheer. The results, published Thursday morning before the market opened, show the company’s diluted earnings per share declined 11 percent year-over-year, from 91 cents in 2012 to 81 cents in 2013. Net income for the quarter was $177 million, an 18 percent decrease from the third-quarter in 2012. Sales experienced a 1 percent drop, coming in at $4.44 million.
Not exactly the numbers for launching a festive holiday season, but Chairman, President, and CEO of Kohl’s, Kevin Mansell made no mention of this in his projections for seasonal shoppers. “As we enter the Holiday season, we believe we are well-positioned from a merchandise content and inventory perspective to gain market share,” Mansell said in the release.
A better marketing strategy, Mansell said, will drive more customers to Kohl’s stores. “Our customer will find the perfect gift for everyone on her shopping list at Kohl’s and will be excited by the value she receives in both our only-at-Kohl’s and national brands.”
Kohl’s has more stores open twelve stores so far this year, and three in the third-quarter. The total number of stores is now 1,158, 30 of which, the company says have been remodeled. Year-to-date net income and earnings per share have declined as well.