But losses mount for the home furnishings e-retailer that went public in October.
Annual web sales increased 38.1% to $491.5 million from $356.0 million in 2008 for Kohl’s. To support its burgeoning e-commerce channel, Kohl’s will open a West Coast distribution center this year, says CEO Kevin Mansell.
Kohl’s Corp. is quickly approaching the $500 million mark in annual web sales.
For the year ended Jan. 30, Kohl’s, No. 50 in the Internet Retailer Top 500 Guide, reported:
- Annual web sales increased 38.1% to $491.5 million from $356.0 million in 2008.
- Total sales increased 4.8% to $17.17 billion from $16.39 billion.
- The web accounted for 2.9% of total sales in 2009 compared with 2.2% in the prior year.
- Comparable-store sales increased year over year 0.4%.
- Net income grew 12.0% to $991.0 million from $885.0 million in 2008.
For the fourth quarter Kohl’s reported:
- Web sales increased 43.1% to $202.5 million from $141.5 million in Q4 2008.
- Total sales increased 8.4% to $5.68 billion from $5.24 billion.
- The web accounted for 3.6% of total sales compared with 2.7% in the prior year.
- Comparable-store sales increased year over year 4.5%.
- Net income grew 28.3% to $431.0 million from $336.0 million in 2008.