American department store chain, Kohl’s, has posted its financial results for the fourth quarter of the fiscal 2016 ended January 28, 2017. The company generated net sales worth US $ 6.20 billion, down by 2.8 per cent compared to last year’s US $ 6.38 billion.
In the reporting period, company’s operating income stood at US $ 0.47 billion as against US $ 0.54 billion in the comparable period prior year. Net income in this period amounted to US $ 0.25 billion, which was US $ 0.29 billion previous year.
Also, revealed were the full-year financial results ended January 28, 2017. Net sales in the mentioned period declined 2.7 per cent to US $ 18.68 billion compared to US $ 19.20 billion in the comparable period previous year. Operating income totaled US $ 1.18 billion as against US $ 1.55 billion in the corresponding period last year. As mentioned in the press release, net income was worth US $ 0.55 billion, which was US $ 0.67 billion in the fiscal 2015. Kohl’s ended the fiscal year with 1,154 Kohl’s stores in 49 states. It opened 9 small format Kohl’s stores and 12 FILA outlets and closed 19 Kohl’s stores.
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Kevin Mansell, Chairman, Chief Executive Officer and President, Kohl’s said, “Sales results were weak for the quarter in total, driven by declines in brick and mortar traffic, and offset somewhat by strength in online demand. We saw improvement in merchandise margin, and our team continued to manage inventory and expenses extremely well. In 2017, we will accelerate our focus on becoming the destination for active and wellness with the launch of Under Armour in early March. We will also extend our efforts on improving our speed to market across all of our proprietary brands into all apparel areas and home.”
