Kohl's Sees Comps Bottoming Out
September 8, 2008-- Home Textiles Today,
Overall sales volume at Kohl's continued to gain incrementally, up 2.6% to $1.26 billion in August – but comp sales fell 5.8% for the month.
August reflected 2008 as a whole very closely at the 957-store mid-tier retailer, as comps are down 5.6% year-to-date, while overall volume is up 2.6% to $8.60 billion.
Fashion accessories, men's and children's apparel are the year-to-date leading categories; footwear and children's were cited for strong performance in August. Home was not mentioned.
"We remain comfortable with the level and content of our inventory," the company stated.
The company is confident it will see some upswing in the next two months. Kohl's president and ceo Kevin Mansell noted, "As expected, August was more difficult than our expectations of a 2% to 4% comparable sales decrease for the third quarter."