Kohl's to Plan Inventory Conservatively, Open Fewer Stores
Menomonee Falls, Wisc. Kohl's Inc. on Wednesday said it is planning inventory levels and expenses cautiously for 2008, according to the Associated Press.
The company has cut back on spending amid a weakening economy.
"We are planning inventory levels and expenses based upon very conservative sales estimates," said Larry Montgomery, Kohl's chairman and chief executive.
The company also plans to open fewer stores this year. It will open 70 to 75 stores in fiscal 2008—including its 1,000th store—compared with 112 in fiscal 2007.
Kohl's also plans to remodel 36 stores by July, with features including glass storefront entrances, new cashwraps and fitting rooms.
In related news, Kohl’s board of directors elected two new members, Peter Boneparth and Dale E. Jones. Boneparth served as president and CEO of Jones Apparel Group from March 2002 to July 2007. Jones is executive VP for Leadership Development of Revolution, a consumer-centric corporate-development company.