(Filed Under Fashion News). According to reports, Kohl’s may be joining JCPenney and Nordstrom, Inc. by opening up a store in Manhattan. Although the retailer has not announced plans to open its first Manhattan store, reports have circulated that it is scouting out real estate in the city. The company currently operates department stores in Brooklyn, Staten Island and Queens.
The retailer has steadily expanded throughout 2009. During the first six months of this year, it opened 19 new stores, ending the recent second quarter on August 1st, 2009 with 1,022 stores in 49 states compared with 957 stores in 47 states at the end of 2008’s second quarter. The company plans to open an additional 37 stores by the end of this year, to end fiscal 2009 with 56 new stores.
During the second quarter the retailer cited net sales of $3.8 billion, a 2.2 percent increase from net sales during last year’s second quarter. Comparable store sales, however, dropped 2.3 percent. The company’s net income was $229 million, or 75 cents per diluted shared, compared with $236 million, or 77 cents per diluted share.
"Sales for the first half of 2009 exceeded our plans and indicated market share gains across most merchandise areas and regions,” Kevin Mansell, Kohl’s president and chief executive officer, said. “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.”
For the upcoming third quarter, the company expects total sales to range between negative 1 percent and positive 1 percent; comparable store sales to range between negative 5 and negative 3 percent, and gross margin as a percent of sales to grow by 10 to 20 basis points over last year.
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