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.

Zak Stambor

Managing Editor

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

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

FPO

Sergio Pereira / B2B E-Commerce

Quill turns to its B2B customers for new ideas

Coming in April is a new section of Quill.com that will let customers and Quill ...

Advertisement