Wisconsin | 001-11084 | 39-1630919 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
N56 W17000 Ridgewood Drive Menomonee Falls, Wisconsin | 53051 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release dated February 28, 2013 |
Dated: February 28, 2013 | KOHL'S CORPORATION |
By: | /s/ Richard D. Schepp | |||
Richard D. Schepp | ||||
Senior Executive Vice President, | ||||
General Counsel and Secretary |
Exhibit No. | Description |
99.1 | Press Release dated February 28, 2013 |
Total Sales . | Comparable | ||||||||||||
($ in millions) | 2012 . | 2011 . | Change(1) | Change(2) | Store Sales(2) | ||||||||
Quarter | $ | 6,342 | $ | 6,018 | 5.4% | 2.5% | 1.9% | ||||||
Year | $ | 19,279 | $ | 18,804 | 2.5% | 1.6% | 0.3% |
KOHL'S CORPORATION | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In Millions, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months | Twelve Months | ||||||||||||||
Feb 2, 2013 | Jan 28, 2012 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||||
(14 Weeks) | (13 Weeks) | (53 Weeks) | (52 Weeks) | ||||||||||||
Net sales | $ | 6,342 | $ | 6,018 | $ | 19,279 | $ | 18,804 | |||||||
Cost of merchandise sold | 4,230 | 3,841 | 12,289 | 11,625 | |||||||||||
Gross margin | 2,112 | 2,177 | 6,990 | 7,179 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general, and administrative | 1,212 | 1,178 | 4,267 | 4,243 | |||||||||||
Depreciation and amortization | 214 | 194 | 833 | 778 | |||||||||||
Operating income | 686 | 805 | 1,890 | 2,158 | |||||||||||
Interest expense, net | 85 | 76 | 329 | 299 | |||||||||||
Income before income taxes | 601 | 729 | 1,561 | 1,859 | |||||||||||
Provision for income taxes | 223 | 274 | 575 | 692 | |||||||||||
Net income | $ | 378 | $ | 455 | $ | 986 | $ | 1,167 | |||||||
Basic net income per share | $ | 1.66 | $ | 1.82 | $ | 4.19 | $ | 4.33 | |||||||
Average number of shares | 227 | 251 | 235 | 270 | |||||||||||
Diluted net income per share | $ | 1.66 | $ | 1.81 | $ | 4.17 | $ | 4.30 | |||||||
Average number of shares | 228 | 252 | 237 | 271 | |||||||||||
As a percent of net sales: | |||||||||||||||
Gross margin | 33.3 | % | 36.2 | % | 36.3 | % | 38.2 | % | |||||||
Selling, general and | |||||||||||||||
administrative expenses | 19.1 | % | 19.6 | % | 22.1 | % | 22.6 | % | |||||||
Operating income | 10.8 | % | 13.4 | % | 9.8 | % | 11.5 | % | |||||||
Net income | 6.0 | % | 7.6 | % | 5.1 | % | 6.2 | % | |||||||
KOHL'S CORPORATION | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(In Millions) | |||||||||
(Unaudited) | |||||||||
Feb 2, 2013 | Jan 28, 2012 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 537 | $ | 1,205 | |||||
Merchandise inventories | 3,748 | 3,216 | |||||||
Deferred income taxes | 122 | 109 | |||||||
Other | 312 | 299,000,000 | 299 | ||||||
Total current assets | 4,719 | 4,829 | |||||||
Property and equipment, net | 8,872 | 8,905 | |||||||
Long-term investments | 53 | 153 | |||||||
Other assets | 261 | 261 | |||||||
Total assets | $ | 13,905 | $ | 14,148 | |||||
Liabilities and Shareholders' Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 1,307 | $ | 1,233 | |||||
Accrued liabilities | 986 | 1,147 | |||||||
Income taxes payable | 137 | 133 | |||||||
Current portion of capital lease | |||||||||
and financing obligations | 105 | 94 | |||||||
Total current liabilities | 2,535 | 2,607 | |||||||
Long-term debt | 2,492 | 2,141 | |||||||
Capital lease and financing obligations | 1,956 | 2,009 | |||||||
Deferred income taxes | 362 | 423 | |||||||
Other long-term liabilities | 512 | 460 | |||||||
Shareholders' equity | 6,048 | 6,508 | |||||||
Total liabilities and shareholders' equity | $ | 13,905 | $ | 14,148 | |||||
KOHL'S CORPORATION | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In Millions) | |||||||
(Unaudited) | |||||||
Feb 2, 2013 | Jan 28, 2012 | ||||||
(53 Weeks) | (52 Weeks) | ||||||
Operating activities | |||||||
Net income | $ | 986 | $ | 1,167 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 833 | 778 | |||||
Share-based compensation | 50 | 57 | |||||
Excess tax benefits from share-based compensation | (4 | ) | (2 | ) | |||
Deferred income taxes | (79 | ) | 144 | ||||
Other non-cash revenues and expenses | 29 | 39 | |||||
Changes in operating assets and liabilities: | |||||||
Merchandise inventories | (523 | ) | (160 | ) | |||
Other current and long-term assets | (37 | ) | (42 | ) | |||
Accounts payable | 74 | 96 | |||||
Accrued and other long-term liabilities | (60 | ) | 63 | ||||
Income taxes | (4 | ) | (1 | ) | |||
Net cash provided by operating activities | 1,265 | 2,139 | |||||
Investing activities | |||||||
Acquisition of property and equipment | (785 | ) | (927 | ) | |||
Sales of investments in auction rate securities | 109 | 145 | |||||
Other | 16 | (20 | ) | ||||
Net cash used in investing activities | (660 | ) | (802 | ) | |||
Financing activities | |||||||
Treasury stock purchases | (1,293 | ) | (2,311 | ) | |||
Dividends paid | (300 | ) | (271 | ) | |||
Proceeds from issuance of debt | 350 | 646 | |||||
Deferred financing costs | (3 | ) | (8 | ) | |||
Long-term debt payments | — | (400 | ) | ||||
Interest rate hedge payments | — | (48 | ) | ||||
Proceeds from financing obligations | 12 | 14 | |||||
Capital lease and financing obligation payments | (111 | ) | (91 | ) | |||
Proceeds from stock option exercises | 68 | 58 | |||||
Excess tax benefits from share-based compensation | 4 | 2 | |||||
Net cash used in financing activities | (1,273 | ) | (2,409 | ) | |||
Net decrease in cash and cash equivalents | (668 | ) | (1,072 | ) | |||
Cash and cash equivalents at beginning of period | 1,205 | 2,277 | |||||
Cash and cash equivalents at end of period | $ | 537 | $ | 1,205 |