Kohl's Q2 Net Edges Up 0.4 Percent
MENOMONEE FALLS, Wis.-Although sales trended somewhat downward, Kohl's posted second-quarter net income of $232 million, up a slight 0.4 percent from the second quarter of last year.
Net sales in the quarter, which ended on Aug. 2, were down 1.1 percent to $4.2 billion, which included a same-store sales decrease of 1.3 percent. Kevin Mansell, Kohl's chairman, president and CEO, said sales did begin to gain some momentum as the quarter progressed. "The improvement was the most dramatic in the month of July, where we achieved a positive comp," Mansell said.
Gross margin in the quarter slipped nine basis points to 39 percent. Selling, general and administrative expenses fell 1.9 percent in dollars and 19 basis points as a percentage of sales, to 23.1 percent.
"As they consistently do, our teams did a great job of managing expenses throughout the quarter," Mansell said. "We enter the back-to-school season with fresh, new inventory and encouraging momentum."