Menomonee Falls, Wis., Kohl's Corp. on Tuesday unveiled a five-year strategic plan to add more than 500 new stores by 2012, growing the national department store chain to 1,400 locations.
"For the past two years, we have exceeded our financial objectives and believe we are well positioned to deliver on our long-term strategic growth plan," said Larry Montgomery, Kohl's chairman and CEO.
While meeting with analysts Tuesday in Indianapolis, Kohl’s discussed financial objectives for 2008 through 2012. It expects total sales to grow nine to 11% annually, and forecast a two to 4% annual increase in same-store sales. Capital expenditures are expected to be $1.6 billion to $1.7 billion annually. The spending will cover investment in new stores, remodels, technology and merchandise presentation.
Kohl's will celebrate on Wednesday the official grand opening of 80 stores, followed by an additional 15 store openings in mid-November, giving it a total of 929 stores nationwide. The openings will put the chain in a host of new markets including, Spokane, Wash.; Panama City and West Palm Beach, Fla.; Abilene, Texas and Cheyenne, Wyo.