Menomonee Falls, Wis. Kohl's Corp. said Thursday that its fourth-quarter profit fell 18% to $336 million from $412 million. The results beat analysts' expectations.
Net sales for the quarter ended Jan. 31, were $5.2 billion, a decrease of 4.6%. Meanwhile, same-store sales for the quarter decreased 9.1%.
President and chief executive Kevin Mansell said the company expects 2009 to be difficult. But he added that the chain will be very competitive in order to gain market share during the weak environment.
"We are planning conservatively in our sales expectations, inventory levels and expenses," Mansell said. “We will continue to invest prudently in stores, both new and remodeled, technology and talent to ensure our profitable growth in the long run.”
Net income for the year was $885 million compared to $1,084 million for the twelve months ended Feb. 2, 2008. Net sales decreased 0.5% to $16.4 billion from $16.5 billion a year ago. Same-store sales fell 6.9% for the same period.
During 2008, Kohl’s opened 75 stores, and ended the year with 1,004 stores in 48 states. In fiscal 2009, it expects to open approximately 55 stores and remodel 51 stores.