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Kohl's profit dips in Q1

Menomenee Falls, Wis. - Although all lines of business at Kohl's experienced sales declines during the first quarter, home outperformed the store average, led by strength in electrics and luggage.
Net income for the quarter ended May 4 fell 4% to $147 million. Sales slipped 1% to $4.2 billion, with comps down 1.9%. The 2.4% increase in units per transaction was offset by a 1.1% decline in average unit retail. Ecommerce sales jumped 31%.
Looking ahead, chairman/president/ceo Kevin Mansell said he sees "a lot of pent-up demand for spring merchandise out there."
The 1,155-store retailer plans to step up its marketing following tests during the first quarter.
Kohl's expects a second quarter sales increase of 1% to 3% and a same-store sales performance to be flat to up 2%. Gross margin is expected to rise by 10-20 basis points.

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