Kohl's profit soars 20% in Q3
Menomonee Falls, Wis. -- Kohl’s Corp. reported Thursday that profit for the quarter ended Oct. 29 rose 20% to $211 million, compared with $176 million in the year-ago period.
The retailer cited cost cuts and strong demand for exclusive brands for the strong performance, which matched Wall Street expectations.
“The launch of our Jennifer Lopez and Marc Anthony brands during the quarter met our aggressive sales plans,” said Kevin Mansell, Kohl’s president and CEO. “We expect our collection of powerful brands supported by significant marketing investments, especially in broadcast and digital media, to deliver a strong holiday season.”
Revenue rose 4% to $4.4 billion in the quarter, up from $4.2 billion. Same-store sales rose 2.1%.
Kohl’s opened 31 stores during the third quarter, and completed 15 remodels.