Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
Retailer reports net sales of $4.1 billion during the second quarter.
E-commerce sales at Kohl’s Corp. increased about 50% during the second quarter and also for the year’s first half, Kevin Mansell, the retailer’s president and CEO, said during an earnings conference call with analysts this week.
The retailer did not break out e-commerce sales in its second quarter earnings report, but based on an U.S Securities and Exchange Commission filing from last year that stated e-commerce revenue for the same time periods, Internet Retailer estimates Kohl’s second quarter e-commerce sales were $132 million and its year-to-date e-commerce sales were $265.5 million.
“We think this performance supports the decision we made to make major new capital and infrastructure investments in this business,” Mansell said, referring to Kohl’s e-commerce efforts.
Kohl’s reported the following results for the second quarter ended July 31:
- Net sales were $4.1 billion, an increase of nearly 8% from $3.8 billion for the same period in 2009.
- Comparable-store sales increased 4.6%.
- Net income was $260 million for the second quarter, a 13.5% increase from $229 million for the same period last year.
Kohl’s reported the following results for the six months ended July 31:
- Net sales were $8.1 billion, an increase of 9.4% from the same period last year, when net sales were $7.4 billion.
- Comparable-store sales increased 5.9%.
- Net income was $459 million, an increase of 24.7% from the same period last year, when net income was $368 million.
Mansell also noted that Kohl Corp. will launch two new brands for sale on Kohls.com and in stores. He said the company signed an agreement with shoe retailer Aldo International to design and produce footwear products exclusive to Kohl’s. Kohl’s also will launch the Elle décor brand in September.
Kohl’s Corp. is No. 43 in Internet Retailer’s Top 500 Guide.