MENOMONEE FALLS, WI-Kohl's Corp. sees its total store portfolio growing to 1,400 units by 2012 from the 929 locations executives expect to have open by the end of November. Kohl's is opening 80 new stores today, followed by an additional 15 by the middle of next month.
Included in the coming openings is the company's first unit in Wyoming, in Cheyenne. Additionally, the retailer is entering other new markets, which include Panama City and West Palm Beach, FL.; Abilene, TX; and Spokane, WA.
Due to the store growth, remodels and upgrades in technology and merchandise, Kohl's will spend between $1.6 billion and $1.7 billion annually on capital expenditures through 2012. At the same time, management expects same-store sales to grow between 2% and 4% year over year through 2012.
The company is coming off a second-quarter same-store sales gain of 1.6% year over year. During that period, which ended Aug. 4, net income rose 15.9%, to $269.2 million and net sales were up 8.7%, hitting $3.6 billion.
In August, the retailer did not fare as well, reporting a same-store sales drop of 0.6%, due to softness in the South and Southwest regions. So far for the year, same-store sales have risen 2.1%.
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