March 1, 2010, 12:00 AM

Kohl’s closes in on $500 million in annual web sales

Annual web sales increased 38.1% to $491.5 million from $356.0 million in 2008 for Kohl’s. To support its burgeoning e-commerce channel, Kohl’s will open a West Coast distribution center this year, says CEO Kevin Mansell.

Lead Photo

Kevin Mansell, CEO, Kohl's

 

Kohl’s Corp. is quickly approaching the $500 million mark in annual web sales.

For the year ended Jan. 30, Kohl’s, No. 50 in the Internet Retailer Top 500 Guide, reported:

  • Annual web sales increased 38.1% to $491.5 million from $356.0 million in 2008.
  • Total sales increased 4.8% to $17.17 billion from $16.39 billion.
  • The web accounted for 2.9% of total sales in 2009 compared with 2.2% in the prior year.
  • Comparable-store sales increased year over year 0.4%.
  • Net income grew 12.0% to $991.0 million from $885.0 million in 2008.
“We`re making a major new investment in capital and infrastructure in our e-commerce business to fuel future growth,” CEO Kevin Mansell told Wall Street analysts on the chain retailer’s year-end earnings call. “Based on our research and our own results, it appears that our opportunity in this business is substantially larger than we originally envisioned.”

For the fourth quarter Kohl’s reported:

  • Web sales increased 43.1% to $202.5 million from $141.5 million in Q4 2008.
  • Total sales increased 8.4% to $5.68 billion from $5.24 billion.
  • The web accounted for 3.6% of total sales compared with 2.7% in the prior year.
  • Comparable-store sales increased year over year 4.5%.
  • Net income grew 28.3% to $431.0 million from $336.0 million in 2008.
While the company didn’t provide details, Kohl’s will open a second distribution center this year to support its e-commerce channel and make other investments. “The purchase of a second e-commerce distribution facility on the West Coast and a significant investment in our web site will support the tremendous growth of our e-commerce business,” Mansell told analysts.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Satya Krishna Ganni / Mobile Commerce

Understanding and serving shoppers on smartphones

Retailers need to know how smartphone users shop to take these shoppers from “I want ...

FPO

Justin King / B2B E-Commerce

Uncovering the secret to B2B e-commerce

The secret to success in B2B e-commerce is simple enough to understand, but hard to ...

Advertisement