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.
Related Content By Author
Countdown to Intertextile Shanghai