Annual web sales shoot up 49% for Kohl’s

Kohl’s Corp. posted healthy total sales in 2010, but the web was clearly the strongest growth driver.

For the year ended Jan. 29, Kohl’s, No. 43 in the Internet Retailer Top 500 Guide, posted:

• A growth in web sales of 49.2% to $733.4 million from $491.5 million in 2009.
• Total sales increased 7% to $18.4 billion from $17.2 billion in 2009.
• Comparable-store sales increased 4.4%.
• Net income rose year over year 11% to $1.1 billion from $991 million.

Internet Retailer calculates the web accounted for 4% of total sales compared with 2.9% in 2009. Internet Retailer also calculates the web generated 20.2%—$241.9 million—of growth across all channels, including stores and the Internet.

“We are investing prudently for the long-term in our stores—both new and remodeled—and our high-growth e-commerce business to ensure our profitable growth while returning excess cash to our shareholders,” says CEO Kevin Mansell.

For the fourth quarter, Kohl’s also achieved:

• Kohl’s didn’t break out Q4 e-commerce numbers in its year-end earnings released. But based on year-to-date web sales detailed in the company’s earlier quarterly reports filed with the U.S. Securities & Exchange Commission, e-commerce in the fourth quarter increased 52.4% to $308.6 million from $202.5 million in the fourth quarter of 2009.
• Total sales increased year over year 6.2% to $6.03 billion from $5.68 billion.
• Comparable-store sales increased 4.3%
• Net income rose 14.4% to $493 million from $431 million.

Internet Retailer calculates the web accounted for 5.1% of total sales compared with 3.6% in 2009.