Kohl’s June revenue comparison rises 5.9 percent, misses expectations
By APThursday, July 8, 2010
Kohl’s June revenue comparison rises
MENOMONEE FALLS, Wis. — Department store operator Kohl’s Corp. said Thursday that June revenue rose 5.9 percent in its stores open at least a year, but that wasn’t as much as analysts expected.
Analysts surveyed by Thomson Reuters, on average, expected the figure to rise 6.5 percent.
Revenue at stores open at least a year is a key indicator of a retailer’s performance because it excludes results from stores that open or close during the year.
Total sales for the five weeks that ended July 3 rose 9.1 percent to $1.61 billion from $1.47 billion last year.
CEO Kevin Mansell said in a statement that the month’s results benefited from a late Memorial Day and stronger sales early in June. He said online sales also improved and have risen nearly 50 percent so far in 2010, compared with the same period a year earlier.
Sales were strongest in the west and southeast and in footwear and men’s items.
So far this year, revenue in Kohl’s stores open at least a year has risen 6.2 percent and total revenue has risen 9.6 percent to $7 billion from $6.37 billion.
