Web sales jumped 33.3% in the second quarter at mass merchandise retailer Kohl’s Corp., even as same-store sales declined 2.3%.
For the second quarter ended Aug. 1, Kohl’s reports:
- E-commerce sales totaled $88 million, up 33.3% from $66 million in the same period last year.
- The web accounted for 2.3% of sales, compared with 1.8% in Q2 last year.
- Total sales increased 2.7% to $3.8 billion from $3.7 billion, as the company opened 19 new stores over the first half of the year.
- Net income was $229 million, down 3% from $236 million in the year-ago quarter.
For the first half of fiscal 2009, Kohl’s reports:
- E-commerce revenue is up 33.1% to $177 million from $133 million a year ago.
- The web accounted for 2.4% of sales, compared with 1.8% in the first half of last year.
- Total sales increased 1.4% to $7.4 billion from $7.3 billion, and same-store sales were off 3.2%.
- Net income decreased 5.4% to $368 million from $389 million.
"Sales for the first half of 2009 exceeded our plans and indicated market share gains across most merchandise areas and regions,” says Kevin Mansell, Kohl's president and CEO. “In addition, we continue to experience improvements in inventory management and increased penetration in ‘Only at Kohl's’ brands that have led to improved gross margins. Our expense performance matched our expectations despite our performance on the sales line. We will focus on providing value for our customers as they continue to be conservative in their spending in this environment."
The company projects total sales for the second half of its fiscal year to range between 1% ahead and 1% behind last year, while same-store sales will likely range from negative 5% to negative 3%. Kohl’s, No. 50 in the Internet Retailer Top 500 Guide, ended Q2 with 1,022 stores and expects to open 37 more this year.
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