American apparel, accessories and footwear retailer Kohl’s has witnessed an increase of 0.95 per cent in its net sales to US $ 19,204 million as against US $ 19,023 million in the year ending on January 30, 2016.
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As per the company release, the retailer reported a 0.20 per cent surge in gross margin to US $ 6,939 million in the period under review compared to US $ 6,925 million in the corresponding period last year. However, net income at the company plunged by 22.37 per cent to US $ 673 million in the reporting period as against US $ 867 million in the previous year. Besides, diluted net income per share dropped by 18.39 per cent to US $ 3.46 compared to US $ 4.24 last year.
Kevin Mansell, Chairman, President and CEO of Kohl’s averred, “At the most competitive time in retail, customers were choosing Kohl’s. I am particularly encouraged by the 4 per cent increase we saw between Thanksgiving and Christmas. We see exciting growth potential in the new stores and new formats that we are opening this year and are heavily investing in the health of our overall stores portfolio to continue to serve our current and future customers.”
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In another development, Kohl’s said that it will close 18 underperforming stores across the United States of America by June this year, after noticing dip in profits this week. Headquartered in Menomonee Falls, Wisconsin, the retailer operates around 1,162 stores in 49 states.
