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Kohl's Corp. (KSS) Files Quarterly Report for the Period Ended on 2008-11-01
Posted by: gurufocus (IP Logged)
Date: December 15, 2008 12:04PM
Kohl's Corp. (KSS) filed Quarterly Report for the period ended 2008-11-01.
Kohl's Corporation operates family oriented specialty department stores primarily in the Midwest Mid-Atlantic and Northeast areas of the United States that feature quality national brand merchandise priced to provide exceptional value to customers. The company's stores sell moderately priced apparel shoes accessories and home products targeted to middle-income customers shopping for their families and homes. Kohl's stores feature easily accessible locations well laid out stores central checkout and good in-stock. Kohl's Corp. has a market cap of $10.85 billion; its shares were traded at around $35.35 with a P/E ratio of 11.53 and P/S ratio of 0.66. Kohl's Corp. had an annual average earning growth of 21% over the past 10 years. GuruFocus rated Kohl's Corp. the business predictability rank of 4-star.
Highlight of Business Operations:Net income decreased 17.4% from the prior year to $160.2 million for the quarter and 18.3% to $549.1 million for the nine months ended November 1, 2008. Diluted earnings per share for the quarter decreased 14.8% from the comparable prior year quarter to $0.52. Year-to-date diluted earnings per share decreased 14.4% to $1.79.
Year-to-date, new stores contributed $807.6 million to the $167.0 million increase in net sales over the comparable prior year period. Comparable store sales for the first nine months of 2008 declined $640.6 million compared to the same period last year. This 6.0% decrease in comparable store sales was the result of a 5.3% decrease in the number of transactions per store and a 0.7% decrease in average transaction value.
$214.5 million, compared to $143.8 million last year, an increase of 49.1%. The growth reflects increases in the number of products available on-line. Additionally, prior year revenues were affected by business disruptions associated with the upgrades of our E-Commerce website and fulfillment center.
Distribution costs, which we include in SG&A, were $44.7 million for the current year quarter and $45.0 million for the prior year quarter. For the year-to-date period, distribution costs were $120.0 million in 2008 and $114.2 million in 2007.
Accounts payable at November 1, 2008 decreased $64.3 million from November 3, 2007 and increased $808.6 million from February 2, 2008. Accounts payable as a percent of inventory was 44.3% at November 1, 2008, compared to 43.7% at November 3, 2007, primarily due to a decrease in the percentage of imports, which have a shorter payment period than other receipts.
Net purchases and sales of investments generated cash of $34.3 million in 2008 compared to $405.6 million in 2007. As of November 1, 2008, we had investments in auction rate securities (ARS) with a par value of $407.1 million and an estimated fair value of $344.9 million. ARS are long-term debt instruments with interest rates reset through periodic short term auctions, which are
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Gurus who own KSSKSS is in the portfolios of Bill Nygren, John Hussman, John Hussman, Richard Pzena, PRIMECAP Management, Richard Snow.
More on KSS:
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10-year financial history of KSS.
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