New Lines, Stores Help Kohl’s Boost Profit
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Kohl’s Corp., which operates a chain of low-price department stores, said earnings for its first quarter increased 2.5% as new outlets and private-label clothing brands boosted sales.
Net income rose to $113.8 million, or 33 cents a share, from $111 million, or 32 cents, a year earlier, the Menomonee Falls, Wis.-based company said. Sales climbed 12% to $2.38 billion.
Chief Executive R. Lawrence Montgomery is offering more private-label clothing and new brands such as Laura Ashley Lifestyles to lure customers from merchants including J.C. Penney Co., which has widened aisles and added shopping carts. Kohl’s ended the quarter with 589 stores, or 97 more than a year earlier.
Profit met the 33-cent average estimate of 26 analysts surveyed by Thomson First Call.
Shares of Kohl’s rose 13 cents to $42.63 on the New York Stock Exchange.
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