Kohl's Q2 profit up 17%, on track to open 31 stores
Menomonee Falls, Wis. -- Kohl's Corp. reported Thursday that profit for the quarter ended July 30 rose 17% to $303 million, compared with $260 million in the year-ago period. The retailer cited tightened cost controls and success of store-label brands for the improved performance, and has raised its full-year guidance.
Kohl’s said it is on track to open an additional 31 stores this year, as well as remodel another 15 stores next month. The company opened nine and remodeled 85 stores in the first half of the year.
Revenue for the second quarter rose 3.6% to $4.25 billion, missing Wall Street’s expected $4.32 billion. Same-store sales rose 1.9% in the quarter.
“I am extremely pleased with our ability to deliver strong earnings growth in a challenging sales environment,” said Kevin Mansell, Kohl’s chairman, president and CEO. “Prudent expense management across many of our areas, especially in stores, allowed us to achieve lower-than-planned expense growth.”