Kohl's Fourth-Quarter Earnings Top Estimates

Kohl's (KSS Quote) posted fourth-quarter earnings Tuesday that beat Wall Street's estimates. Revenue and same-store sales both showed gains for the period.

The department store chain said it earned $178.5 million, or 52 cents a share, up from the $120.6 million, or 36 cents a share, in the year-ago period. Twenty-one analysts polled by First Call/Thomson Financial were calling for the company to earn 50 cents in the quarter.

Revenue for the 14-week quarter increased to $2.223 billion, from $1.608 billion during the comparable 13-week period last year.

Net sales increased 33.8% over the prior year's quarter on a 13-week basis. Same-store sales jumped 12.5%.

The company also announced 2001 and 2002 expansion plans that called for opening 130 new stores, including stores in Boston and in Houston, Austin and El Paso, Texas. In 2003, the company plans to expand to Los Angeles.

Shares of Kohl's, which is based in Menomonee Falls, Wis., fell 65 cents, or 1.04%, to $61.61 in regular session New York Stock Exchange trading.