Kohl's to restate financials since 1998
February 22, 2005,
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.
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.
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