FINANCE

Kohl’s Unveils Five-Year Plan

BY CSA STAFF

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.

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Walgreen’s 4Q Drops

BY CSA STAFF

CHICAGO One of the nation’s biggest drug store chain operators announced that its fourth-quarter profit dropped nearly 4%, according to Monday’s reports.

Walgreens explained that because of lower reimbursements for popular generic drugs and increased store and staff costs, their net income tumbled.

According to the company’s earnings report, total expenses increased by more than 11% to $12.8 billion, which chairman Jeffrey Rein said was out of line with reimbursements the company received. Prescription sales accounted for nearly two-thirds of the company’s business.

“Managing both expenses and lower reimbursements on some generic drugs is my top priority,” he said in a company release. “We’re going to fix this, and at the same time continue our aggressive growth plan.”

While company’s revenues rose more than 10% to $13.4 billion from $12.2 billion, its net income slipped to $396.5 million, compared to $412.3 million earnings at the same time last year. 

For the year, the company said that its earnings increased by to $2.04 billion ($2.03 per share), compared with $1.75 billion ($1.72 per share).

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Jonathan Adler creates giftware line for B&N

BY CSA STAFF

NEW YORK Barnes & Noble is teaming up with ceramist Jonathan Adler for a new collection this fall.

According to reports, the line will launch in 400 stores on Oct. 20, and will include items such as an umbrella, mug and a vase made exclusively for Barnes & Noble. The collection will range in price from $5.95 and $29.95.

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