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Kohl's Corporation Reports Second Quarter Financial Results

MENOMONEE FALLS, Wis.--(BUSINESS WIRE)--Kohl’s Corporation (NYSE:KSS) today reported results for the three and six month periods ended July 29, 2017.

Three Months Ended Six Months Ended
($ in millions) 2017 2016 Change 2017 2016 Change
Total sales $ 4,144 $ 4,182 (0.9)% $ 7,987 $ 8,154 (2.0)%
Comparable store sales (0.4 )% (1.8 )% (1.5 )% (2.8 )%
Gross margin 39.4 % 39.5 % (6) bp 38.0 % 37.6 % 39 bp
Selling, general, and administrative expenses $ 983 $ 986 (0.3)% $ 1,958 $ 1,994 (2)%
Reported
Net income $ 208 $ 140 49% $ 274 $ 157 75%
Diluted earnings per share $ 1.24 $ 0.77 61% $ 1.62 $ 0.86 88%
Excluding non-recurring items*
Net income $ 208 $ 221 (6)% $ 274 $ 279 (2)%
Diluted earnings per share $ 1.24 $ 1.22 2% $ 1.62 $ 1.53 6%

*Excludes Impairments, store closing and other costs in 2016.

Kevin Mansell, Kohl's chairman, chief executive officer and president, said, "The traffic momentum that we saw in the combined March/April period accelerated in the second quarter. Though transactions for the quarter were lower than last year, July transactions increased. We are also excited by the sequential sales trend improvement in all our lines of business, all geographic regions, and in both our proprietary and national brand portfolios. Gross margin and SG&A expenses were consistent with our expectations and we are seeing benefits from our ongoing inventory initiatives and the early stages of our cost-saving initiative."

Dividend

On August 8, 2017, the Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.55 per share. The dividend is payable September 20, 2017 to shareholders of record at the close of business on September 6, 2017.

Store Update

Kohl’s ended the quarter with 1,154 Kohl's stores in 49 states compared with 1,150 Kohl's stores at the same time last year. Kohl's also operates 12 FILA Outlets and four Off/Aisle clearance centers.

Second Quarter 2017 Earnings Conference Call

Kohl's will host its quarterly earnings conference call at 8:30 am ET on August 10, 2017. The phone number for the conference call is (800) 230-1085. Replays of the call will be available for 30 days by dialing (800) 475-6701. The conference ID for both the live call and the replay is 413290. The conference call and replays are also accessible via the Company's web site at...


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