Wisconsin-based department store Kohl’s Corporation has reported a dip in sales for the fourth quarter and fiscal year.
Net income fell about 15 percent to $252 million, or $1.44 per share, in the fourth quarter, from a year earlier. Analysts on average had expected earnings of $1.33 per share.
Net sales dropped 2.8 percent to $6.21 billion, falling for the fourth straight quarter, missing estimates of $6.22 billion.
Kevin Mansell, Kohl’s chairman, chief executive officer and president, said, “Sales results were weak for the quarter in total, driven by declines in brick and mortar traffic, and offset somewhat by strength in online demand. We saw improvement in merchandise margin, and our team continued to manage inventory and expenses extremely well. In 2017, we will accelerate our focus on becoming the destination for active and wellness with the launch of Under Armour in early March. We will also extend our efforts on improving our speed to market across all of our proprietary brands into all apparel areas and home.”
Kohl’s ended the fiscal year with 1,154 Kohl’s stores in 49 states. During 2016, the company: Opened 9 small format Kohl’s stores; closed 19 Kohl’s stores; opened two Off/Aisle locations; opened 12 FILA outlets.