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 May 16, 2013 |
Dated: May 16, 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 May 16, 2013 |
($ in millions) | 2013 | 2012 | Change | ||||||
Sales | $ | 4,199 | $ | 4,243 | (1.0)% | ||||
Comparable store sales | (1.9 | )% | 0.2 | % | - | ||||
Net income | $ | 147 | $ | 154 | (4)% | ||||
Diluted earnings per share | $ | 0.66 | $ | 0.63 | 5% |
KOHL'S CORPORATION | |||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||
(In Millions, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
May 4, 2013 | April 28, 2012 | ||||||
Net sales | $ | 4,199 | $ | 4,243 | |||
Cost of merchandise sold | 2,671 | 2,719 | |||||
Gross margin | 1,528 | 1,524 | |||||
Operating expenses: | |||||||
Selling, general, and administrative | 997 | 1,002 | |||||
Depreciation and amortization | 214 | 201 | |||||
Operating income | 317 | 321 | |||||
Interest expense, net | 83 | 82 | |||||
Income before income taxes | 234 | 239 | |||||
Provision for income taxes | 87 | 85 | |||||
Net income | $ | 147 | $ | 154 | |||
Basic net income per share | $ | 0.66 | $ | 0.63 | |||
Average number of shares | 222 | 243 | |||||
Diluted net income per share | $ | 0.66 | $ | 0.63 | |||
Average number of shares | 223 | 245 | |||||
As a percent of net sales: | |||||||
Gross margin | 36.4 | % | 35.9 | % | |||
Selling, general and | |||||||
administrative expenses | 23.7 | % | 23.6 | % | |||
Operating income | 7.6 | % | 7.6 | % | |||
Net income | 3.5 | % | 3.6 | % | |||
KOHL'S CORPORATION | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In Millions) | ||||||||
(Unaudited) | ||||||||
May 4, 2013 | April 28, 2012 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 518 | $ | 1,029 | ||||
Merchandise inventories | 3,961 | 3,454 | ||||||
Deferred income taxes | 138 | 119 | ||||||
Other | 294 | 277 | ||||||
Total current assets | 4,911 | 4,879 | ||||||
Property and equipment, net | 8,822 | 8,961 | ||||||
Long-term investments | 58 | 156 | ||||||
Other assets | 259 | 266 | ||||||
Total assets | $ | 14,050 | $ | 14,262 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,452 | $ | 1,609 | ||||
Accrued liabilities | 1,023 | 1,132 | ||||||
Income taxes payable | 117 | 80 | ||||||
Current portion of capital lease | ||||||||
and financing obligations | 107 | 98 | ||||||
Total current liabilities | 2,699 | 2,919 | ||||||
Long-term debt | 2,492 | 2,141 | ||||||
Capital lease and financing obligations | 1,938 | 2,008 | ||||||
Deferred income taxes | 368 | 421 | ||||||
Other long-term liabilities | 532 | 473 | ||||||
Shareholders' equity | 6,021 | 6,300 | ||||||
Total liabilities and shareholders' equity | $ | 14,050 | $ | 14,262 | ||||
KOHL'S CORPORATION | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In Millions) | |||||||
(Unaudited) | |||||||
May 4, 2013 | April 28, 2012 | ||||||
Operating activities | |||||||
Net income | $ | 147 | $ | 154 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 214 | 201 | |||||
Share-based compensation | 9 | 12 | |||||
Excess tax benefits from share-based compensation | (1 | ) | (1 | ) | |||
Deferred income taxes | (13 | ) | (14 | ) | |||
Other non-cash revenues and expenses | 11 | (1 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Merchandise inventories | (210 | ) | (236 | ) | |||
Other current and long-term assets | 21 | 17 | |||||
Accounts payable | 145 | 376 | |||||
Accrued and other long-term liabilities | 11 | (37 | ) | ||||
Income taxes | (29 | ) | (54 | ) | |||
Net cash provided by operating activities | 305 | 417 | |||||
Investing activities | |||||||
Acquisition of property and equipment | (135 | ) | (177 | ) | |||
Sales of investments in auction rate securities | 1 | 1 | |||||
Other | 11 | — | |||||
Net cash used in investing activities | (123 | ) | (176 | ) | |||
Financing activities | |||||||
Treasury stock purchases | (109 | ) | (325 | ) | |||
Dividends paid | (77 | ) | (77 | ) | |||
Proceeds from financing obligations | — | 3 | |||||
Capital lease and financing obligation payments | (24 | ) | (27 | ) | |||
Proceeds from stock option exercises | 8 | 8 | |||||
Excess tax benefits from share-based compensation | 1 | 1 | |||||
Net cash used in financing activities | (201 | ) | (417 | ) | |||
Net decrease in cash and cash equivalents | (19 | ) | (176 | ) | |||
Cash and cash equivalents at beginning of period | 537 | 1,205 | |||||
Cash and cash equivalents at end of period | $ | 518 | $ | 1,029 |