Menomonee Falls-based Kohl’s Corp. today reported second quarter net income of $130 million, or 66 cents per share, down from $232 million, or $1.13 per share, in the second quarter of 2014.
Operating income at the national retailer was $424 million, down from $451 million in the same period a year ago.
Revenue totaled $4.3 billion, up from $4.2 billion in the second quarter of 2014.
Comparable store sales were up 0.1 percent, compared to a drop of 1.3 percent in the second quarter last year.
During the quarter, Kohl’s completed a cash tender offer for $767 million of debt, redeemed $318 million of notes due in 2017 and issued $1.1 billion in new notes. As a result of the refinancing, Kohl’s recorded a $131 million loss in the quarter.
“Our sales results were below our plan as the shift of sales in tax-free states from July into August was larger than anticipated,” said Kevin Mansell, chairman, chief executive officer and president at Kohl’s. “Our expenses were well managed for the season. Our inventory receipts are well-positioned for the back-to-school and fall seasons.”
