"We achieved our goal of gaining market share through our performance in both comparable and total sales in the first quarter," says president and CEO Kevin Mansell. "We continue to expect 2009 to be challenging from a macro-economic perspective and, therefore, remain conservative in our sales expectations, inventory levels and expenses. We are focused on gaining market share in this difficult environment."
For this quarter, Kohl's had a net income of $137 million, or $0.45 per share. This compares to the previous year's $153 million or $0.49 per share net income. Net sales increased 0.4% to $3.6 billion however comparable store sales dropped 4.2%.
During the past quarter, Kohl's opened 19 new stores, remodeled 32 locations and expanded into two new states. It's portfolio now totals 1,022 stores in 49 states. By the end of the fiscal year, the company has plans to open an additional 37 locations and remodel another 56 stores.
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