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Kohl's 2Q profits up 17 percent
ANNE D'INNOCENZIO
(The Associated Press)




05:37:07PM (DST) Thursday,8.11.11.

NEW YORK (AP) — Kohl's Corp. reported that profit rose 17 percent in the second quarter despite the uncertain economy, in large part due to the success of its store-label brands such as Simply Vera Vera Wang and Food Network.

The company also raised its guidance for the full year, counting on one of its biggest brand launches in its history with celebrities Jennifer Lopez and Marc Anthony to drive shoppers into its stores.

"We weren't happy with our sales performance in the second quarter, but we were very pleased to significantly exceed the high end of our earnings goals," said CEO Kevin Mansell told investors.

The department store chain, based in Menomonee Falls, Wis., said its net income rose to $303 million, or $1.09 per share, in the three months ended July 30. That compares with $260 million, or 84 cents per share, in the year-ago period. Analysts had been expecting earnings of $1.05 a share.

Revenue was up almost 4 percent to $4.25 billion, but was below the $4.32 billion analysts were expecting. Revenue at stores opened at least a year, a key measure of a retailer's health, rose 1.6 percent.

Shares rose $3.64, or more than 8 percent, to $47.93 in early afternoon trading on the news.

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Good news from Kohl's.
Back to school sales have been good.
Is Kohl's waiting for Christmas ?

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