Kohl’s CEO compensation valued at $9 million in 2009
New York Kevin Mansell, head of Kohl’s, received compensation last year valued at roughly $9 million, according to an Associated Press calculation of figures disclosed in a regulatory filing.
That’s down 22% from the year before. The bulk of Mansell’s $11.6 million pay package in 2008 came as stock options that were granted when he was promoted to CEO.
Mansell got a base salary of about $1.2 million for the fiscal year ended Jan. 30, up from just under $1.1 million the year before.
He also received a performance related bonus of $2.6 million, which he did not get in 2008. Kohl’s financial results improved last year, with profits up 12% to $991 million and revenue up 5% to $17.18 billion. Sales at stores open at least a year edged 0.4% higher.
Mansell received stock and options worth about $5 million at the time they were granted, compared with $10.4 million the year before, most of which he received when he became CEO in August of 2008.
Other perks, including retirement contributions and the use of the company jet, came to roughly $210,000, up from $147,000.
The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.
Books-A-Million offering special deals for educators
BIRMINGHAM, Ala. Books-A-Million announced that all Books-A-Million stores will be hosting Educators’ Day on Saturday, April 17. The Books-A-Million Educators’ Day will be a special day for educators with extra savings, exclusive offers and prizes and free food and beverages. the company reported.
In addition, Books-A-Million announced that from April 17 through April 23, educators will also receive 25% off their classroom purchases with their Books-A-Million Educator Discount Card.
Cost Plus improves comps, earnings
OAKLAND, Calif. Cost Plus reported that net sales for the fourth quarter ended Jan. 30 were $320 million, a 4.6% decrease from the $335.4 million in net sales for the fourth quarter ended Jan. 31, 2009. Same-store sales for the fourth quarter decreased 2.5% compared with a 6.1% decrease last year.
Net sales for fiscal 2009 were $869.5 million, an 8.6% decrease from $950.9 million in fiscal 2008. For fiscal 2009, same-store sales decreased 7.1% driven by a reduction in the average ticket, the company reported.
Barry Feld, president and CEO commented, “We are pleased with the return to profitability in our most important quarter. The company’s core competency in unique and affordable seasonal gift-giving and entertaining products, augmented with a new customer acquisition campaign, reversed the negative trend in customer count and drove significantly more profitable sales in the quarter than a year ago.”
Net income on a GAAP basis for the fourth quarter of fiscal 2009 was $21.1 million or 95 cents per diluted share versus a loss of $18.3 million or 83 cents per diluted share for the fourth quarter of fiscal 2008. Net loss for fiscal 2009 was $63.3 million or $2.87 per diluted share compared with a net loss of $102.7 million or $4.65 per diluted share last year.
For the first quarter of fiscal 2010, the company expects net sales in the range of $185 million to $188 million, based on a same-store sales increase in the range of 3% to 5%.
For the first quarter of fiscal 2010, the company is projecting a loss from continuing operations before interest and taxes in the range of $11 million to $13 million versus a loss of $22.3 million for the first quarter of fiscal 2009.