Kohl's Tops Estimates, Sets Expansion Plans

Updated from 4:34 p.m. EST

Kohl's (KSS Quote) beat analysts' earnings estimates for the latest fourth quarter, while total sales rose 22.5% and same-store sales increased 10.1%, and the company set plans to open around 150 new stores in the next two years.

The company posted earnings of $233.8 million, or 68 cents a share, for the quarter ended Feb. 2. According to First Call, analysts were looking for a profit of 66 cents. In the same period a year ago, Kohl's earned $178.5 million, or 52 cents a share.

Sales for the quarter rose to $2.72 billion from $2.22 billion a year ago. Wall Street was expecting a top line of $2.68 billion.

At the end of the quarter, Kohl's operated 382 stores in 29 states, up from 320 locations in 26 states at the same time last year. The company plans to open 70 new stores in 2002 and about 80 new stores in 2003.

On a conference call after the earnings were released, the company said it was comfortable with analysts' estimates for the first quarter. The consensus earnings expectation is 27 cents.

Shares of Kohl's ended regular New York Stock Exchange trading down $3.28, or 4.7%, at $66.16.