News

May 13, 2010
KOHL'S CORPORATION REPORTS FIRST QUARTER FISCAL 2010 EARNINGS PER SHARE OF $0.64

MENOMONEE FALLS, Wis., May 13, 2010 (BUSINESS WIRE) --Kohl's Corporation (NYSE:KSS):

·        Net Income Growth of 45 Percent

·        Management Raises Fiscal 2010 Earnings Guidance

Kohl's Corporation (NYSE:KSS). Kohl's Corporation today reported results for the quarter ended May 1, 2010.

First Quarter Results

Kohl's Corporation reported net income for the quarter ended May 1, 2010 of $199 million, or $0.64 per diluted share, compared with $137 million, or $0.45 per diluted share, a year ago. Net sales were $4.0 billion, an increase of 10.9 percent for the quarter. Comparable store sales for the quarter increased 7.4 percent.

Kevin Mansell, Kohl's chairman, president and chief executive officer, said, "We achieved our goal of gaining market share through our performance in both comparable and total sales growth in the first quarter. We improved our merchandise margins significantly through strong inventory management and successful private and exclusive brand strategies. Expenses were well managed while improving the store experience for our customers. I am very proud of our 130,000 associates and the role they played in these results and want to thank them for their hard work, loyalty and dedication in delivering on our promise to 'expect great things' from Kohl's."

Mansell added, "Consumers appeared to be a little more confident in their spending, but remain focused on value and ways to make their dollars go farther. We will continue to be flexible in our sales and inventory planning as well as expense management in order to react to changes in consumer demand."

Expansion Update

During the quarter, Kohl's successfully opened nine stores. The Company ended the quarter with 1,067 stores in 49 states, compared with 1,022 stores in 49 states at the same time last year. The Company expects to open an additional 21 stores later this year for a total of 30 stores in fiscal 2010. The Company completed the remodel of 17 stores during the quarter ended May 1, 2010 and expects to remodel an additional 68 stores later this year.

Earnings Guidance - Second Quarter and Fiscal 2010

The Company provided initial guidance for its second fiscal quarter ending July 31, 2010 of $0.70 to $0.75 per diluted share. The Company also updated its guidance for fiscal 2010 to $3.57 to $3.75 per diluted share, reflecting its first quarter results, from its initial guidance of $3.40 to $3.63 per diluted share.

First Quarter 2010 Earnings Conference Call

Investors will have an opportunity to listen to the first quarter earnings conference call at 8:30 AM EDT on May 13 by dialing (800) 839-6491 begin_of_the_skype_highlighting              (800) 839-6491      end_of_the_skype_highlighting (US/Canada Dial-in Number) or (706) 902-0486 begin_of_the_skype_highlighting              (706) 902-0486      end_of_the_skype_highlighting (Int'l/Local Dial-in Number), using Conference ID 71028626. A replay of the call will also be accessible at approximately 9:30 AM EDT on May 13, until midnight EDT on June 13, 2010. To listen to the replay, dial (706) 645-9291 begin_of_the_skype_highlighting              (706) 645-9291      end_of_the_skype_highlighting, and use Conference ID 71028626.

In addition, the call will be web cast live over the Internet through the Company's web site located at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm. To participate in the conference, register at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=60706&eventID=2807925 at least ten minutes prior to the call to download and install any necessary audio software. The web cast will be available until June 13, 2010.

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. Kohl's operates 1,067 stores in 49 states. A company committed to the communities it serves, Kohl's has raised more than $150 million for children's initiatives nationwide through its Kohl's Cares for Kids(R) philanthropic 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.

SOURCE: Kohl's Corporation

Kohl's Corporation
Investor Relations:
Wes McDonald, Chief Financial Officer
(262) 703-1893
or
Media:
Vicki Shamion, Vice President - Public Relations
(262) 703-1464 begin_of_the_skype_highlighting              (262) 703-1464      end_of_the_skype_highlighting