Kohl's records 14% rise in Q2 profit
Menomonee Falls, Wis. Kohl's Corp. reported Thursday that profit for the second quarter ended July 31 rose to $260 million, from $229 million in the prior year. The retailer cited heightened demand for its fashions and tight inventory containment for the improvements.
Sales increased 7.7% to $4.1 billion, matching expectations. Same-store sales rose 5%.
"We continue to gain market share," said CEO Kevin Mansell.
But Kohl's trimmed the top end of its yearly outlook because of rising costs and expectations for slowing sales growth in the second half of the year, which includes the critical holiday selling season.
Kohl's also is switching the bank running its store-label credit-card business to Capital One N.A. from Chase Bank USA, according to a regulatory filing Thursday.