Kohl's Net Drops 7.9 Percent in Fourth Quarter
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.
Gross margin in the quarter fell 65 basis points to 36.2 percent. Selling, general and administrative expenses were flat but increased 14 basis points to 19.6 percent.
Kohl's ended 2011 with 1,127 stores in 49 states, up by 38 locations from 2010.