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Kohl's full year sales rise 2.2 percent

By Prachi Singh

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Business

Total sales at Kohl’s for the fourth quarter were 6,776 million dollars, up 9 percent on the same quarter last year. For the full year, the company reported sales of 19,095 million dollars, an increase of 2.2 percent. Comparable store sales for the quarter increased 6.3 percent, while full year witnessed a 1.5 percent rise against a decline of 2.2 percent and 2.4 percent respectively.

Commenting on the financial update, Kevin Mansell, Kohl's Chairman, CEO and President, said in a press release: “I am very pleased with our fourth quarter and full year results, which exceeded the high end of our most recent guidance by 0.11 dollar per share. Over the course of the year, we saw consistent, sustained improvement in sales trends, which culminated in a 6.3 percent increase in our fourth quarter comp sales.”

Highlights of Kohl’s Q4 and FY17 results

Fourth quarter gross margin improved 43 bps to 33.8 percent and full year gross margin was up 15 bps to 36.2 percent. Reported diluted earnings per share for the quarter rose 95 percent to 2.81 dollars, while full year per share reported diluted earnings rose 65 percent to 5.12 dollars. Excluding tax reform and store closures, reported earnings per share were up 38 percent to 1.99 dollars in the fourth quarter and up 15 percent to 4.31 dollars in the full year.

The company said, retail calendar for fiscal January 2018 included a fifth week, resulting in a 14-week fiscal fourth quarter and a 53-week year. During this 53rd week, total sales were approximately 170 million dollars and the 53rd week increased the company’s net income by approximately 15 million dollars and its diluted earnings per share by approximately 0.10 dollar for the year.

On February 28, 2018, Kohl's board of directors declared a quarterly cash dividend on the company's common stock of 0.61 dollar per share, an 11percent increase over its prior dividend. Kohl's ended the fiscal year with 1,158 Kohl's stores in 49 states. During 2017, the company opened four Kohl's stores, relocated and opened one Off/Aisle location.

The company expects earnings per diluted share of 4.95 dollars to 5.45 dollars for fiscal 2018, based on comparable sales change of 0 to 2 percent, total sales change of negative 1 percent to 1 percent and gross margin as a percentage of sales increase of 5 to 10 basis points over 2017.

Picture:Facebook/Kohl's

Kohl's