November 12, 2010, 4:06 PM

Kohl’s third quarter web sales increase 41%

CEO Kevin Mansell says continues to post strong growth in 2010.

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Kohl's Corp. continues to see strong e-commerce sales growth in 2010. The third quarter saw a 41% increase in web sales, president and CEO Kevin Mansell told analysts on the company’s quarterly earnings conference call yesterday.

The retailer did not break out e-commerce sales in its third quarter earnings report, but based on a U.S. Securities and Exchange Commission filing from last year that stated e-commerce revenue for the same time period, Internet Retailer estimates Kohl’s e-commerce sales were:

  • $157.9 million in Q3 2010, up 41% from $112.0 million in the previous year.
  • $424.8 million year to date, up 47% from $289.0 million in the first nine months of 2009.

For the quarter ended Oct. 30, Kohl’s, No. 43 in the Internet Retailer Top 500 Guide reported:

  • Total sales were $4.21 billion, an increase of about 4% from $4.05 billion in the third quarter of 2009.
  • Comparable-store sales for the quarter increased 1.8%.
  • Net income was $194.0 million, up by 0.5% from $193.0 million a year ago.

Kohl’s has invested heavily in its e-commerce business in 2010, Mansell told analysts, including a new distribution center in San Bernardino, CA, and in infrastructure. The company expects continued strong growth from its web business through the end of 2010, because the “e-commerce platform is a more important element of everybody's business in the fourth quarter. So we are really optimistic about the impact it could have on our business in the fourth quarter as well,” he said.

For the first nine months of fiscal 2010, Kohl’s reported:

  • Total sales were $12.35 billion, a 7.4% increase from $11.49 billion a year ago.
  • Comparable-store sales increased 4.4%.

Net income increased about 16% to $652.0 million, from $560.0 million for the same period in 2009.

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