Kohl’s Profit Rises 31% on Higher Sales
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Kohl’s Corp.’s fiscal fourth-quarter profit rose 31% as the retailer opened new stores and added children’s clothing from OshKosh B’Gosh Inc.
Net income rose to $233.8 million, or 68 cents a share, compared with the same period a year ago. Sales in the quarter ended Feb. 2 climbed 23% to $2.72 billion, the company said.
Kohl’s added 62 stores last year and plans to open 70 stores in the coming year as it expands into the U.S. Northeast and Midwest. The retailer’s low prices and national brands such as OshKosh B’Gosh, which it introduced in the fourth quarter, pulled customers away from department stores, investors said.
Shares of Menomonee Falls, Wis.-based Kohl’s fell $3.28, or 4.7%, to $66.16 on the NYSE. Results were released after the close of regular U.S. trading.
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