0001181431-11-043822.txt : 20110804 0001181431-11-043822.hdr.sgml : 20110804 20110804084116 ACCESSION NUMBER: 0001181431-11-043822 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110804 DATE AS OF CHANGE: 20110804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KOHLS Corp CENTRAL INDEX KEY: 0000885639 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DEPARTMENT STORES [5311] IRS NUMBER: 391630919 STATE OF INCORPORATION: WI FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11084 FILM NUMBER: 111008821 BUSINESS ADDRESS: STREET 1: N56 W17000 RIDGEWOOD DR CITY: MENOMONEE FALLS STATE: WI ZIP: 53051 BUSINESS PHONE: 4147835800 MAIL ADDRESS: STREET 1: N54 W13600 WOODALE DR CITY: MENOMONEE FALLS STATE: WI ZIP: 53051 FORMER COMPANY: FORMER CONFORMED NAME: KOHLS CORPORATION DATE OF NAME CHANGE: 19930328 8-K 1 rrd319099.htm JULY 2011 SALES RELEASE Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  08/04/2011
 
Kohl's Corporation
(Exact name of registrant as specified in its charter)
 
Commission File Number:  1-11084
 
Wisconsin
  
39-1630919
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
N56 W17000 Ridgewood Drive
Menomonee Falls, Wisconsin
53051
(Address of principal executive offices, including zip code)
 
262-703-7000
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.02.    Results of Operations and Financial Condition
 
On August 4, 2011, Kohl's Corporation issued a press release reporting its sales for the fiscal periods ended July 30, 2011, updating its diluted earnings per share guidance for the second quarter of fiscal 2011 and disclosing pending expected lease accounting corrections. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
 
 
Item 9.01.    Financial Statements and Exhibits
 
Exhibit
No.       Description
99.1       Press Release dated August 4, 2011
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
Kohl's Corporation
 
 
Date: August 04, 2011
     
By:
 
/s/    Richard D. Schepp
               
Richard D. Schepp
               
Senior Executive Vice President, General Counsel and Secretary
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
Press release dated August 4 2011
EX-99 2 rrd319099_35583.htm PRESS RELEASE DATED AUGUST 4 2011 National & Retail Trades and First Call

KOHL'S CORPORATION REPORTS JULY COMPARABLE STORE SALES

MENOMONEE FALLS, WI, -- (Business Wire) - August 4, 2011 -- Kohl's Corporation (NYSE: KSS) reported today that for the four-week month ended July 30, 2011 total sales decreased 2.9 percent and comparable store sales decreased 4.6 percent from the four-week month ended July 31, 2010. For the quarter, total sales increased 3.6 percent and comparable store sales increased 1.9 percent. Year to date, total sales increased 3.4 percent and comparable store sales increased 1.6 percent.

Kevin Mansell, Kohl's chairman, president and chief executive officer, commented, "Our July comp sales results were disappointing, particularly given the strong June results we had achieved. I am, however, especially pleased with our ability to manage our inventory and expenses resulting in better than planned gross margins as well as better than planned leverage on our expenses. Early indications of customer reaction to higher apparel prices are in line with our expectations in terms of unit demand."
   

% Change .

 

Total Sales .

Total Sales .

Comparable Sales .

($ in millions)

2011 .

2010 .

2011 .

2010 .

2011 .

2010 .

July

$ 1,122

$ 1,156

(2.9)%

7.1%

(4.6)%

4.1%

Quarter

4,248

4,100

3.6

7.7

1.9

4.6

Year to date

8,410

8,135

3.4

9.3

1.6

5.9

The Company operates 1,097 stores in 49 states, compared to 1,067 stores at the same time last year.

Comments regarding the Company's sales results will be provided in a pre-recorded telephone message, which will be available from 8:30 a.m. ET on Thursday, August 4, 2011 until 8:30 p.m. ET on Friday, August 5, 2011. The toll-free, dial-in number for the replay is (888) 360-2596. (No pass code is required.)

The Company now expects its second quarter earnings to be $1.07 to $1.08 per diluted share, compared to its previous guidance of $0.96 to $1.02 per diluted share. Not included in this guidance are the effects of accounting corrections resulting from recently identified errors in the Company's accounting for its leases. The Company has commenced a detailed review of its historical lease accounting with the goal of quantifying the impact of these errors for each affected reporting period. As of the date of this release, the Company expects to record non-cash adjustments to depreciation, interest and rent expenses as well as to its fixed assets and liabilities during the second quarter. These adjustments may be spread over a number of years, and may be material to one or more years. The Company and its independent accounting firm, Ernst & Young, LLP, expect to complete their accounting review prior to filing the Company's Quarterly Report on Form 10-Q for the second fiscal quarter.

Second Quarter 2011 Earnings

The Company will report second quarter 2011 earnings at 7:00 a.m. ET on Thursday, August 11, 2011. The Company will host a conference call at 8:30 am ET on August 11 which can be accessed by dialing (706) 902-0486 and referencing Conference ID 8356191, or via the Company's web site at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm. Replays of the call and web cast will be available for thirty days.

 

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 earnings and the timing, amount and nature of the lease accounting corrections described herein. 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 1,097 stores in 49 states with a commitment to environmental leadership. In support of the communities it serves, Kohl's has raised more than $180 million for children's initiatives nationwide through its Kohl's Cares® cause merchandise 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.

Investor Relations: Wes McDonald, Senior Executive Vice President and Chief Financial Officer, (262) 703-1893

Media: Vicki Shamion, Senior Vice President - Public Relations, (262) 703-1464