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Kohl's: Tough quarter, tough year

Ecommerce growth a bright spot

Menomonee Falls, Wis. - Net income, sales and comps all declined for Kohl's Corp. during the fourth quarter and for the fiscal year.

Net income for the quarter, ended Feb.1, dropped 12% to $334 million from $378 million, and earnings per share declined 6% to $1.56.

Net sales for the 13 weeks were down 3.8% to $6.1 billion, and comps dipped 2.0% compared to last year's 1.9% gain.

For the full year, net income was down 10% to $889 million, and earnings per share dipped 3%to $4.05. Net sales fell 1.3% to 19.0 billion, while comps dipped 1.2% compared to 2012's 0.3% comp increase.

Ecommerce sales for the year climbed 16% to $1.7 billion in its e-commerce business, which was revamped last year ahead of the fall/winter season.

"Despite increased shipping costs related to our e-commerce business, we were able to achieve our gross margin guidance for the quarter," said Kevin Mansell, chairman, president and ceo. "We believe our inventory levels and assortment are well-positioned as we transition into the spring season."

Holiday was solid for Kohl's, with record" levels transactions and sales in stores and online on certain days in November and December, but business fell off in January, said Mansell.

While there was no mention of soft home's performance during Kohl's earnings call this morning. Highlights in the department related to electrics, including Beats-branded headphones and speakers.

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