A slow start to the first quarter in February was cited by Kohl’s officials for the decline in sales for the three-month period ended April 29.
First quarter sales were $3.843 billion, a decrease of 3.2% when compared to the first quarter of 2016. Comparable store sales were down 2.7%.
Net income was $66 million, up from net income of $17 million for the first quarter of 2016. Diluted earnings per share were $0.39, up from $0.09 in the same quarter the previous year.
“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, CEO 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.”
Kohl’s ended the quarter with 1,154 Kohl’s stores, 12 FILA Outlet stores, and three Off/Aisle clearance centers in 49 states, compared with 1,167 Kohl’s stores at the same time last year.
