KOHL’S REPORTS INCREASED EARNINGS AND NET INCOME FOR FIRST QUARTER
Milwaukee-based retailer Kohl’s has reported increased earnings and net income for the first quarter of 2017, which ended on April 29.
Diluted income per share was 0.39, a 333 percent increase over 0.9 per share in 2016. Meanwhile, total net income rose to $66 million, or 39 cents per share, from $17 million, or 9 cents per share, a year earlier. Net sales fell 3.2 percent to $3.84 billion, while same-store sales fell 2.7 percent for the quarter.
“We are encouraged by the significant improvement in sales and traffic for the March and April period, after a weak February start to the first quarter,” said Kevin Mansell, Kohl’s chairman, chief executive officer and president, “Continued strong inventory management led to a major improvement in gross margin, and our teams managed expenses exceptionally well. I am pleased to say that combined together these efforts led to an increase in income for the period.”
