Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MENOMONEE FALLS, WI-While lowering the number of new store openings from last year, Kohl’s Corp. plans to take advantage of consolidation where possible, executives said at the company’s fourth quarter conference call.

In fiscal 2009, the Company expects to open approximately 55 stores (including its first store in Alaska), down from 75 openings last year. However, the company had originally planned to open just 50 units, with the increase coming from the availability of more Mervyn’s locations.

“Many of these sites are irreplaceable, as they are in densely populated sites, with no ground-up alternatives,” said Larry Montgomery, chairman.

The company expects additional consolidations and failures and is prepared to obtain additional locations where sensible.

“We should benefit from increased sales, and we have enough flexibility in our real estate to take advantage of opportunities that arise from bankruptcies and liquidations,” Montgomery added.

For the quarter, net income was $336 million, compared with $412 million the year before. Net sales were $5.2 billion, down 4.6% for the same quarter the prior year. Comparable store sales decreased 9.1%.

For the year, net income was $885 million, compared to $1,084 million the previous year. Net sales were $16.4 billion, down 0.5% from the previous year. Comparable store sales decreased 6.9%.

Kohl’s operates 1,004 stores in 48 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.