Kohl’s Q2 profit dips 4%, meets Street
Menomonee Falls, Wis. — Kohl’s Corp. reported that profit for the quarter ended Aug. 3 fell 4% to $231 million, compared with $240 million in the year-ago period. Results were impacted by rising costs, but still met Wall Street expectations.
Sales edged up 2% to $4.29 billion from $4.21 billion in the period, and matched analysts’ expectations. Same-store sales rose 0.9%, missing Wall Street’s estimated 1.1% rise.
“We are pleased with our progress in the second quarter,” said Kevin Mansell, CEO. “Sales improved significantly over the first quarter and our gross margin improved over last year. Expenses were well-managed and we ended the quarter with inventory per store up mid-single digits while funding our e-commerce growth.”
The company opened nine new stores during first quarter 2013 and said it expects to open three new stores and remodel 30 stores in the fall.
Dillard’s Q2 profit on the upswing
Little Rock, Ark. — Dillard’s saw net income rise to $36.5 million in the quarter ended Aug. 3, compared with $31 million in the same period last year.
Revenue was flat at $1.48 billion and same-store sales edged up 1%, boosted by strength from ladies accessories and lingerie.
“Positive comparable store sales and gross margin expansion combined with continued expense control enabled us to report another quarter of year over year improvement,” said CEO William T. Dillard II.
Sport Chalet swings to loss in Q1
Los Angeles — Sporting goods retailer Sport Chalet generated a loss of $2.8 million in the first quarter, compared with a profit of $100,000 in the year-ago period.
Sales slipped 2.8% to $81.5 million from $83.8 million, and same-store sales fell 0.7%.
The company has publicized its turnaround efforts, including the opening of its next-generation store concept (at shopping center FIGat7th in downtown Los Angeles) that cuts the standard 42,000-sq.-ft. footprint to a trim 27,000 sq. ft. and showcases mobile technology for in-store shopping, data-driven customization of product mix to reflect local customers’ needs, and improved inventory management.
The retailer has also closed under-performing stores and reduced staff.
"We are making solid headway in implementing our recently announced strategic initiatives,” said Craig Levra, CEO. “We have added new drop ship vendors to our online store and are adding mobile devices in stores to give customers access to the broadest selection of merchandise and the most seamless shopping experience across all of our channels. With our expanded, five-year $75.0 million credit facility, we have ample resources to execute our plan.”