Menomonee Falls, Wis., Kohl’s is planning to “right size” the organization—the right size being twice as big as it right now.
“By the end of 2010, we will have almost doubled the number of stores we currently operate, doubled our sales and generated net income of over 2.5 times the net income generated in 2004,’ said Larry Montgomery, Kohl’s chairman and CEO. By the end of fiscal year 2010, Kohl's plans to operate over 1,200 stores, achieving sales of approximately $24 billion and net income of approximately $1.9 billion.
The company today announced plans to open approximately 500 stores for the five-year period from 2006 through 2010. The expansion plans continue to be a combination of new builds and acquired locations.
Also on tap is a new prototype design, to be introduced in 2006. The prototype is being designed to create excitement and promote ease of shopping.
As part of the initiative to create a more exciting in-store shopping experience and better merchandise by lifestyle, Kohl's announced that it is modifying its prototype design. The improvements are being designed to create excitement and advance ease of shopping. This new design will be introduced in the fall of 2006.
In spring 2006, Kohl's will launch Stamp 10 for men and women, an exclusive contemporary brand in partnership with Liz Claiborne Inc. The Company also announced several new initiatives for the home. Kohl's will extend its successful Nine & Co. brand into home this fall and its Apt. 9 and Candies brands in spring of 2006.
The company currently operates 670 stores in 40 states.