Menomonee Falls-based Kohl’s Corp. had a disappointing first quarter in its sales, but saw its net income increase significantly over the same period from last year.
Kohl’s Corp., which operates the Kohl’s department stores, reported first quarter net income of $66 million, up from $17 million for the same period last year.
Sales were $3.84 billion, down from $3.97 billion last year.
Same-store sales were down 2.7 percent compared with a FactSet consensus for a 1.2 percent decline.
“We are encouraged by the significant improvement in sales and traffic for the March and April period, after a weak February start to the first quarter,” Kohl’s Corp. Chief Executive Officer Kevin Mansell said in a written statement.
Kohl’s ended the quarter with 1,154 Kohl’s stores, 12 FILA Outlet stores, and three Off/Aisle clearance centers compared to 1,167 total stores a year ago.
Following the release of first quarter earnings reports by several department store chains Thursday, stock prices sunk. Macy’s Inc. stock dipped 12 percent Thursday morning after a disappointing first quarter and same-store sales all missed expectations.
Shares of J.C. Penney Co. Inc. were down 8.9 percent and Sears Holding Corp. was down 8.1 percent. Nordstrom Inc. was down 7.4 percent.
Kohl’s Corp.’s stock was down 5.7 percent. Kohl’s stock was trading at about $37.93 this morning.
