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Kohl's Corporation Reports First Quarter Financial Results



  Kohl's Corporation Reports First Quarter Financial Results

  * Earnings per share of $0.66 versus previous guidance of $0.55 to $0.63

Business Wire

MENOMONEE FALLS, Wis. -- May 16, 2013

Kohl’s Corporation (NYSE:KSS). Kohl’s Corporation today reported results for
the quarter ended May 4, 2013.

 
($ in millions)                2013           2012          Change
Sales                          $ 4,199        $ 4,243       (1.0 )%
Comparable store sales         (1.9    )%     0.2     %     -
Net income                     $ 147          $ 154         (4   )%
Diluted earnings per share     $ 0.66         $ 0.63        5    %
                                                             

Kevin Mansell, Kohl's chairman, president and chief executive officer, said,
“After a slow start, sales improved considerably in April as the weather
finally improved in our most weather-sensitive regions. Despite the lower than
expected sales, we outperformed our earnings guidance as gross margin results
and expense management were better than expected. Our inventory levels are
consistent with our expectations."

Dividend

On May 15, 2013, Kohl's Board of Directors declared a quarterly cash dividend
on the Company's common stock of $0.35 per share. The dividend is payable June
26, 2013 to shareholders of record at the close of business on June 12, 2013.

Store Update

Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134
stores at the same time last year. The Company opened nine new stores during
the first quarter of 2013 and expects to open three new stores and remodel 30
stores in the Fall.

Earnings Guidance

The Company provided initial guidance for the fiscal quarter ending August 3,
2013 of $1.00 to $1.08 per diluted share. The guidance is based on total sales
growth of 1 to 3 percent and comparable store sales growth of 0 to 2 percent
and includes expected second quarter share repurchases of $250 million.

First Quarter 2013 Earnings Conference Call

Kohl's will host a first quarter earnings conference call at 8:30 am ET on May
16, 2013. The phone number for the conference call is (706) 902-0486. Replays
of the call will be available for 30 days by dialing (855) 859-2056 or (404)
537-3406. The conference ID for both the live call and the replay is 42313613.
The conference call and replays are also available via the Company's web site
at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm.

Jefferies 2013 Global Consumer Conference

Wes McDonald, Senior Executive Vice President and Chief Financial Officer,
will be presenting at the Jefferies 2013 Global Consumer Conference on June
18, 2013 in Nantucket, MA. Additional details, including the time of Mr.
McDonald’s presentation, the live webcast and replays of the presentation,
will be available via the Company’s web site
at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, including guidance on
the Company's targeted sales and earnings. Kohl's intends forward-looking
terminology such as “believes,” “expects,” “may,” “will,” “should,”
“anticipates,” “plans,” or similar expressions to identify forward-looking
statements. Such statements are subject to certain risks and uncertainties,
which could cause Kohl's actual results to differ materially from those
anticipated by the forward-looking statements. These risks and uncertainties
include, but are not limited to, those described in Item 1A in Kohl's Annual
Report on Form 10-K, which is expressly incorporated herein by reference, and
other factors as may periodically be described in Kohl's filings with the SEC.

About Kohl's

Based in Menomonee Falls, Wis., Kohl’s (NYSE: KSS) is a family-focused,
value-oriented specialty department store offering moderately priced,
exclusive and national brand apparel, shoes, accessories, beauty and home
products in an exciting shopping environment. With a commitment to
environmental leadership, Kohl’s operates 1,155 stores in 49 states. In
support of the communities it serves, Kohl’s has raised more than $231 million
for children’s initiatives nationwide through its Kohl’s Cares® cause
merchandise program, which operates under Kohl's Cares, LLC, a wholly-owned
subsidiary of Kohl's Department Stores, Inc. For a list of store locations and
information, or for the added convenience of shopping online, visit
www.Kohls.com, join the discussion on Facebook (http://www.facebook.com/kohls)
or Twitter (http://twitter.com/Kohls) or get inspired on Pinterest
(http://pinterest.com/kohls/) and Instagram (http://instagram.com/kohls).

 
KOHL'S CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, except per share data)
(Unaudited)
                                                      
                                         Three Months Ended
                                         May 4,        April 28,
                                         2013          2012
Net sales                                $ 4,199       $ 4,243
Cost of merchandise sold                 2,671         2,719    
                                                        
Gross margin                             1,528         1,524
                                                        
Operating expenses:
Selling, general, and administrative     997           1,002
Depreciation and amortization            214           201      
                                                        
Operating income                         317           321
                                                        
Interest expense, net                    83            82       
                                                        
Income before income taxes               234           239
Provision for income taxes               87            85       
                                                        
Net income                               $ 147         $ 154    
                                                        
Basic net income per share               $ 0.66        $ 0.63
Average number of shares                 222           243
                                                        
Diluted net income per share             $ 0.66        $ 0.63
Average number of shares                 223           245
                                                        
As a percent of net sales:
Gross margin                             36.4    %     35.9    %
Selling, general and
administrative expenses                  23.7    %     23.6    %
Operating income                         7.6     %     7.6     %
Net income                               3.5     %     3.6     %
                                                                

KOHL'S CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Millions)
(Unaudited)
                                                             
                                               May 4,         April 28,
                                               2013           2012
Assets
Current assets:
Cash and cash equivalents                      $ 518          $  1,029
Merchandise inventories                        3,961          3,454
Deferred income taxes                          138            119
Other                                          294            277
                                                               
Total current assets                           4,911          4,879
                                                               
Property and equipment, net                    8,822          8,961
Long-term investments                          58             156
Other assets                                   259            266
                                                               
Total assets                                   $ 14,050       $  14,262
                                                               
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable                               $ 1,452        $  1,609
Accrued liabilities                            1,023          1,132
Income taxes payable                           117            80
Current portion of capital lease
and financing obligations                      107            98
                                                               
Total current liabilities                      2,699          2,919
                                                               
Long-term debt                                 2,492          2,141
Capital lease and financing obligations        1,938          2,008
Deferred income taxes                          368            421
Other long-term liabilities                    532            473
Shareholders' equity                           6,021          6,300
                                                               
Total liabilities and shareholders' equity     $ 14,050       $  14,262
                                                                  

KOHL'S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
(Unaudited)
 
                                                      May 4,      April 28,
                                                      2013        2012
Operating activities
Net income                                            $ 147       $ 154
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                         214         201
Share-based compensation                              9           12
Excess tax benefits from share-based compensation     (1    )     (1      )
Deferred income taxes                                 (13   )     (14     )
Other non-cash revenues and expenses                  11          (1      )
Changes in operating assets and liabilities:
Merchandise inventories                               (210  )     (236    )
Other current and long-term assets                    21          17
Accounts payable                                      145         376
Accrued and other long-term liabilities               11          (37     )
Income taxes                                          (29   )     (54     )
                                                                   
Net cash provided by operating activities             305         417      
                                                                   
Investing activities
Acquisition of property and equipment                 (135  )     (177    )
Sales of investments in auction rate securities       1           1
Other                                                 11          —        
                                                                   
Net cash used in investing activities                 (123  )     (176    )
                                                                   
Financing activities
Treasury stock purchases                              (109  )     (325    )
Dividends paid                                        (77   )     (77     )
Proceeds from financing obligations                   —           3
Capital lease and financing obligation payments       (24   )     (27     )
Proceeds from stock option exercises                  8           8
Excess tax benefits from share-based compensation     1           1        
                                                                   
Net cash used in financing activities                 (201  )     (417    )
                                                                   
Net decrease in cash and cash equivalents             (19   )     (176    )
Cash and cash equivalents at beginning of period      537         1,205    
                                                                   
Cash and cash equivalents at end of period            $ 518       $ 1,029  
                                                                           

Contact:

Kohl’s Corporation
Investor Relations:
Wes McDonald, Senior Executive Vice President and Chief Financial Officer
(262) 703-1893
or
Joanne Crevoiserat, Executive Vice President - Finance
(262) 703-2945
or
Media:
Jen Johnson, Director - Public Relations
(262) 703-5241
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