Menomonee Falls, Wis. Kohl's Corp. grew its profit in the fourth quarter as it kept its inventory levels lean and took advantage of shoppers' trend toward buying value-priced goods, the retailer said Thursday.
The chain also gave a full-year earnings prediction within range of Wall Street's expectations. Its first-quarter guidance was below analysts' views.
For the period ended Jan. 30, earnings rose 28% to $431 million from $336 million in the same period a year earlier. The results beat analysts' estimate.
Sales increased 9% to $5.68 billion from $5.23 billion, narrowly topping Wall Street's forecast of $5.67 billion. Same-store sales grew 4.5%.
"Consumers continue to be financially strained and are looking for value and ways to make their dollars go further," chairman, president and CEO Kevin Mansell said in a statement.
Full-year profit rose to $991 million, from $885 million last year. Sales rose 5% to $17.18 billion, with same-store sales up at 0.4%.
Kohl's had 1,058 stores in 49 states at year's end.