Earnings improved at department store chain Kohl’s in fiscal second-quarter ending August 2, as lower expenses hid a marginal decline in revenue.
In the second fiscal quarter of 2014, Kohl’s reported a profit of $232 million, up slightly from $231 million, a year earlier.
Diluted earnings per share rose 9 percent to $1.13 in the quarter under review from $1.04 in the comparable quarter of the previous fiscal year.
Sales fell slightly by 1.1 percent to $4.24 billion in the second fiscal quarter of 2014 against $4.28 billion in same period of 2013, while comparable store sales declined 1.3 percent.
During the quarter under review, gross margin narrowed slightly to 39 percent from 39.1 percent year-on-year, while operating expenses fell 1.8 percent from a year earlier to $1.2 billion.
“Sales improved as the quarter progressed, with the most dramatic improvement happening in July as we achieved positive sales at existing stores in the same month,” said CEO Kevin Mansell.
Kohl’s added 5 new stores from the same quarter last year and ended the quarter with 1,160 stores in 49 states.
