U.S. department store retail chain Kohl's Corp., seller of small electric housewares, reported second quarter net income of $303 million, compared with $260 million a year ago. Net sales were $4.2 billion, an increase of 3.6% over the comparable prior year quarter. Comparable store sales for the quarter increased 1.9%.
Year-to-date net income was $514 million in the first six month s of 2011, compared to $459 million for the first six months of fiscal 2010. Net sales were $8.4 billion, up 3.4%. Year-to-date comparable store sales increased 1.6.
These second quarter and year-to-date results are preliminary in that they do not reflect the impact of some lease accounting corrections.
Kohl's ended the quarter with 1,097 stores in 49 states, compared with 1,067 stores at the same time last year. During the first half of the year, Kohl's opened nine stores and completed the remodel of 85 stores. It expects to open an additional 31 stores and remodel an additional 15 stores next month.
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