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 August 15, 2013 |
Dated: August 15, 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 August 15, 2013 |
Quarter | Year to Date | ||||||||||||||||||
($ in millions) | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||
Sales | $ | 4,289 | $ | 4,205 | 2.0% | $ | 8,488 | $ | 8,447 | 0.5% | |||||||||
Comparable store sales | 0.9 | % | (2.7 | )% | - | (0.5 | )% | (1.3 | )% | - | |||||||||
Net income | $ | 231 | $ | 240 | (4)% | $ | 378 | $ | 394 | (4)% | |||||||||
Diluted earnings per share | $ | 1.04 | $ | 1.00 | 4% | $ | 1.70 | $ | 1.63 | 4% |
KOHL'S CORPORATION | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In Millions, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
August 3, 2013 | July 28, 2012 | August 3, 2013 | July 28, 2012 | ||||||||||||
Net sales | $ | 4,289 | $ | 4,205 | $ | 8,488 | $ | 8,447 | |||||||
Cost of merchandise sold | 2,613 | 2,563 | 5,284 | 5,281 | |||||||||||
Gross margin | 1,676 | 1,642 | 3,204 | 3,166 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general, and administrative | 1,000 | 975 | 1,997 | 1,977 | |||||||||||
Depreciation and amortization | 225 | 210 | 439 | 411 | |||||||||||
Operating income | 451 | 457 | 768 | 778 | |||||||||||
Interest expense, net | 84 | 80 | 167 | 162 | |||||||||||
Income before income taxes | 367 | 377 | 601 | 616 | |||||||||||
Provision for income taxes | 136 | 137 | 223 | 222 | |||||||||||
Net income | $ | 231 | $ | 240 | $ | 378 | $ | 394 | |||||||
Basic net income per share | $ | 1.05 | $ | 1.01 | $ | 1.71 | $ | 1.64 | |||||||
Average number of shares | 220 | 238 | 221 | 240 | |||||||||||
Diluted net income per share | $ | 1.04 | $ | 1.00 | $ | 1.70 | $ | 1.63 | |||||||
Average number of shares | 222 | 239 | 222 | 242 | |||||||||||
As a percent of net sales: | |||||||||||||||
Gross margin | 39.1 | % | 39.0 | % | 37.7 | % | 37.5 | % | |||||||
Selling, general and | |||||||||||||||
administrative expenses | 23.3 | % | 23.2 | % | 23.5 | % | 23.4 | % | |||||||
Operating income | 10.5 | % | 10.9 | % | 9.0 | % | 9.2 | % | |||||||
Net income | 5.4 | % | 5.7 | % | 4.5 | % | 4.7 | % | |||||||
KOHL'S CORPORATION | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In Millions) | ||||||||
(Unaudited) | ||||||||
August 3, 2013 | July 28, 2012 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 592 | $ | 600 | ||||
Merchandise inventories | 3,856 | 3,521 | ||||||
Deferred income taxes | 150 | 109 | ||||||
Other | 284 | 260 | ||||||
Total current assets | 4,882 | 4,490 | ||||||
Property and equipment, net | 8,891 | 9,010 | ||||||
Long-term investments | 58 | 102 | ||||||
Other assets | 266 | 254 | ||||||
Total assets | $ | 14,097 | $ | 13,856 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,396 | $ | 1,531 | ||||
Accrued liabilities | 1,065 | 1,001 | ||||||
Income taxes payable | 75 | 24 | ||||||
Current portion of capital lease | ||||||||
and financing obligations | 147 | 94 | ||||||
Total current liabilities | 2,683 | 2,650 | ||||||
Long-term debt | 2,492 | 2,141 | ||||||
Capital lease and financing obligations | 1,948 | 1,997 | ||||||
Deferred income taxes | 381 | 411 | ||||||
Other long-term liabilities | 540 | 469 | ||||||
Shareholders' equity | 6,053 | 6,188 | ||||||
Total liabilities and shareholders' equity | $ | 14,097 | $ | 13,856 | ||||
KOHL'S CORPORATION | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In Millions) | |||||||
(Unaudited) | |||||||
Six Months Ended | |||||||
August 3, 2013 | July 28, 2012 | ||||||
Operating activities | |||||||
Net income | $ | 378 | $ | 394 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 439 | 411 | |||||
Share-based compensation | 27 | 24 | |||||
Excess tax benefits from share-based compensation | (2 | ) | (3 | ) | |||
Deferred income taxes | (12 | ) | (13 | ) | |||
Other non-cash revenues and expenses | 18 | 8 | |||||
Changes in operating assets and liabilities: | |||||||
Merchandise inventories | (103 | ) | (300 | ) | |||
Other current and long-term assets | 22 | 40 | |||||
Accounts payable | 89 | 298 | |||||
Accrued and other long-term liabilities | (20 | ) | (166 | ) | |||
Income taxes | (74 | ) | (111 | ) | |||
Net cash provided by operating activities | 762 | 582 | |||||
Investing activities | |||||||
Acquisition of property and equipment | (284 | ) | (429 | ) | |||
Sales of investments in auction rate securities | 1 | 51 | |||||
Other | 13 | 2 | |||||
Net cash used in investing activities | (270 | ) | (376 | ) | |||
Financing activities | |||||||
Treasury stock purchases | (279 | ) | (623 | ) | |||
Dividends paid | (153 | ) | (153 | ) | |||
Proceeds from financing obligations | — | 4 | |||||
Capital lease and financing obligation payments | (52 | ) | (61 | ) | |||
Proceeds from stock option exercises | 46 | 19 | |||||
Excess tax benefits from share-based compensation | 2 | 3 | |||||
Deferred financing costs | (1 | ) | — | ||||
Net cash used in financing activities | (437 | ) | (811 | ) | |||
Net increase (decrease) in cash and cash equivalents | 55 | (605 | ) | ||||
Cash and cash equivalents at beginning of period | 537 | 1,205 | |||||
Cash and cash equivalents at end of period | $ | 592 | $ | 600 |