Kohl’s Corporation reported that sales for its fourth quarter were flat at $6 billion, while fiscal-year sales for the period that ended on January 28 rose 2.2 percent year on year to $18.8 billion. Comparable-store sales for the fourth quarter declined 2.2 percent, but for the year same-store sales rose just 0.5 percent.
Net income for the Christmas quarter decreased 8 percent to $455 million, while net income for 2011 increased 4 percent to $1.2 billion. Cost of goods sold during the fourth-quarter increased 0.67 percent to $3.84 billion and for the year the increase was 2.2 percent to $11.6 billion.
Kevin Mansell, Kohl’s chairman, said, “I am pleased that 2011 was another year of profitability and earnings per share growth for our shareholders. With the commitment of each of our 140,000 associates, we were able to navigate a difficult holiday sales season through strong expense and inventory management.
”We achieved a major milestone in 2011 with our ecommerce business reporting $1 billion in revenues. We are starting 2012 with considerable brand excitement, with the launch of ‘Rock and Republic,’ continued excitement from our Jennifer Lopez and Marc Anthony brands, and expansion of the successful ELLE and Simply Vera Vera Wang brands into new categories.”