In its second-largest acquisition, Amazon buys the company for $970 million.
The web grew 37% last year while same-store sales rose 0.5%.
Kohl’s Corp. won’t release its year-end financials for a few weeks, but the mass merchant has declared victory in achieving one milestone: $1 billion in web sales.
In its January same-store sales report issued last week, Kohl’s, No. 31 in the Internet Retailer Top 500 Guide, says e-commerce sales grew 37.2% to around $1.02 billion from $743.4 million in 2010. “I am pleased to report that we achieved our goal of $1 billion in e-commerce revenue in fiscal 2011,” says CEO Kevin Mansell. “The e-commerce business was a key contributor to our fiscal 2011 sales performance and we plan to build on its momentum in 2012.”
In its January comparable-stores report Kohl’s also revealed:
- Preliminary total sales increased about 2.2% to $18.80 billion in 2011 from $18.40 billion in 2010.
- Preliminary fourth quarter sales declined year over year 0.3% to $6.01 billion from $6.03 billion. Kohl’s didn’t provide a figure for e-commerce.
- Comparable-store sales increased 0.5% for the year, but declined 2.1% for the fourth quarter
- For the four weeks ended Jan. 28, total sales increased year over year 2.3% to $844 million from $825 million.
- January comparable-stores sales increased 0.6% while e-commerce sales increased 21%. Kohl’s didn’t break out a dollar figure for e-commerce.