In its second-largest acquisition, Amazon buys the company for $970 million.
Kohl’s customers apparently like shopping online. In Q1, web sales grew 50% while total sales and comparable-store sales increased by 11.3% and 7.4%, respectively.
Kohl’s Corp. is coming off a strong first quarter of growth online.
For the quarter ended May 1, Kohl’s, No. 43 in the Internet Retailer Top 500 Guide, recorded:
- Web sales increased 50% to $133.5 million from $89.0 million in the first quarter of 2009.
- Total sales grew 11.3% to $4.04 billion from $3.63 billion in the previous year.
- Comparable-store sales increased 7.4%.
- Net income grew 45.3% to $199.0 million compared with net income of $137.0 million in the first quarter of the prior year.
“Total e-commerce revenue is well ahead of our plan,” CEO Kevin Mansell told Wall Street analysts on the company’s first quarter earnings call. “We continue to see the type of growth in this area that supports our decision to make major new investments in capital and infrastructure in our e-commerce business to fuel our future growth.”
Earlier this month Kohl’s announced plans to open a new 102,000-square-foot customer operations center in San Antonio, TX, in July 2010 to serve Kohls.com and Kohl’s charge card customers.
Internet Retailer calculates the web accounted for 3.3% of total sales compared with 2.5% in the first quarter of the prior year.