The U.S. online shopping world's biggest day is here, but will strong web sales on Black Friday and Thanksgiving cut into Cyber Monday's take?
E-commerce grew 42% while total sales rose 3.2%.
The web keeps coming on strong as a sales channel for apparel and general merchandise retailer Kohl’s Corp., which sells through physical stores and the web.
For the first quarter ended April 30, Kohl’s, No. 31 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 41.7% to $187 million from $132 million in the first quarter of 2010.
- Total sales grew year over year 3.2% to $4.16 billion from $4.03 billion.
- Comparable-store sales increased 1.3%.
- Net income increased 6% to $211.0 million from $199.0 million.
Internet Retailer calculates the web accounted for 4.5% of total sales compared with 3.3% in Q1 2010.
“Our e-commerce business remains on track to achieve $1 billion in sales in 2011,” says CEO Kevin Mansell. “To achieve that goal, we will continue to invest in the business as we purchased a third e-commerce fulfillment center in Maryland that will be online to support holiday 2011 peak season.”