Kohl's to restate financials since 1998
February 22, 2005-- Home Textiles Today,
MENOMONEE FALLS, Wis. – After receiving a clarification from the Securities and Exchange Commission about how to account for lease practices, Kohl's said it will restate its financials beginning with fiscal 1998.
SG&A expense for the affected fiscal years will increase, as will pre-opening expenses and depreciation expenses, the company said.
The impact on net income for the fourth quarter is the recently completed fiscal year is expected to be about $2 million. The impact on full-year EPS is expected to be about 3 cents.
The adjustments are not expected to affect historical or future cash flows, nor the timing of payments under the leases at issue, the company reported.