In its second-largest acquisition, Amazon buys the company for $970 million.
The Internet continues to grow as a sales channel for Kohl’s Corp. In 2007 the web grew by about 32% while comparable store sales for the 48 weeks and the five weeks ended Jan. 5 dropped year-over-year by about 0.4% and 11.4%, respectively.
The Internet continues to grow as a sales channel for Kohl’s Corp. while comparable store sales shrink.
In 2007, e-commerce sales grew by 31.8% to $224 million from $170 million in the prior year, the company says.
Kohl’s, No. 219 in the Internet Retailer Top 500 Guide, won’t break out its final year-end numbers until Feb. 28. But based on the retailer’s monthly sales reported through December, the web likely will account for about 1% of all sales of about $16 billion. The web also grew while comparable store sales dropped. For the 48 weeks and the five weeks ended on Jan. 5, comparable store sales dropped by 0.4% and 11.4% respectively, the company says.
Kohl’s, which sells to a core shopping audience of women 25 to 34, continues to include the web in its multi-channel merchandising plans. In January the company announced a licensing agreement with Liz Claiborne Inc. that names Kohl’s as the exclusive U.S. retailer for the Dana Buchman line of women’s apparel, intimate apparel, accessories and footwear. The Dana Buchman merchandise will begin appearing on Kohls.com and in the company’s network of more than 1,000 stores in spring 2009.
In 2007 Kohls.com also introduced two microsites that feature designer products from Vera Wang and the Food Network.