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MENOMONEE FALLS, WI-Kohl’s Corp. released its third quarter earnings figures today, posting a $193-million net income, or $0.63 per diluted share. The quarter’s income is a 20% increase over 2008′s Q3 net income figure of $160 million. Net sales were $4.1 billion an increase of 6.5% for the quarter.

“We were pleased with our sales performance in the third quarter as we achieved a positive comparable sales increase in a very difficult environment,” says Kevin Mansell, Kohl’s chairman, president and CEO. “In addition, we continue to experience improvement in inventory management and increased penetration in ‘Only at Kohl’s’ brands that have led to increased cash flow and consistently improved gross margins.”

With the positive results for the quarter, Kohl’s executives have plans to continue increasing the company’s presence across the country. Already in 2009, 56 new stores have been opened, while 51 stores were remodeled. The new stores are mostly from purchasing vacated Mervyn stores after the company’s bankruptcy. The 51 remodeled locations marks the company’s largest remodeling push in its history.

As GlobeSt.com reported at the end of the second quarter, Kohl’s had plans in place to open 20 new stores in 2010 and remodel 65 locations. With the positive Q3 numbers Kohl’s will now open 30 new stores and remodel 65, with the potential to expand these plans based on the results of the Holiday season.

Kohl’s executives told investors today during the earnings call that the company has already purchased four additional Mervyn stores, three of which are in California and one is in New Mexico.

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