Department store retailers Kohl's Corp. reported first quarter net income of $154 million for the first quarter, down from $201 million in the previous year's first quarter.
Net sales were $4.2 billion, up 1.9%, and comparable store sales were up 0.2%.
"Our first quarter results reflect the implementation of our strategy to initiate lower pricing in order to provide greater value to our customers," said Kevin Mansell, Kohl's chairman, president, and CEO. "This planned action led to significantly lower gross margins for the quarter. Strong management of expenses allowed us to achieve our earnings goal for the quarter."
Kohl's ended the quarter with 1,134 stores in 49 states, compared with 1,097 stores at the same time last year.
In the fiscal quarter ending July 28, 2012. Kohl's expects total sales growth of 2% to 3% and comparable store sales growth of flat to 1%.
to Daily News