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Kohl's Corporation Reports Fourth Quarter Financial Results

Fourth Quarter 2012 Earnings Conference Call

Kohl’s will host its quarterly earnings conference call at 8:30 am ET on February 28, 2013. The phone number for the conference call is (706) 902-0486 and the conference ID is 15143990. Replays of the call will be available for 30 days by dialing (855) 859-2056 or (404) 537-3406. The conference call and replays are also accessible via the Company's web site at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including guidance on the Company's targeted earnings. Kohl's intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Kohl's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Kohl's filings with the SEC.

About Kohl's

Based in Menomonee Falls, Wis., Kohl's (NYSE: KSS) is a family-focused, value-oriented specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, beauty and home products in an exciting shopping environment. With a commitment to environmental leadership, Kohl's operates 1,146 stores in 49 states. In support of the communities it serves, Kohl's has raised more than $208 million for children's initiatives nationwide through its Kohl's Cares® cause merchandise program, which operates under Kohl's Cares, LLC, a wholly-owned subsidiary of Kohl's Department Stores, Inc. For a list of store locations and information, or for the added convenience of shopping online, visit  www.Kohls.com, or join the discussion on Facebook  http://www.facebook.com/kohls or Twitter  http://twitter.com/Kohls.
 
KOHL'S CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, except per share data)
(Unaudited)
           
Three Months Twelve Months
Feb 2, 2013 Jan 28, 2012 Feb 2, 2013 Jan 28, 2012
(14 Weeks) (13 Weeks) (53 Weeks) (52 Weeks)
 
Net sales $ 6,342 $ 6,018 $ 19,279 $ 18,804
Cost of merchandise sold 4,230   3,841   12,289   11,625  
 
Gross margin 2,112 2,177 6,990 7,179
 
Operating expenses:
Selling, general, and administrative 1,212 1,178 4,267 4,243
Depreciation and amortization 214   194   833   778  
 
Operating income 686 805 1,890 2,158
 
Interest expense, net 85   76   329   299  
 
Income before income taxes 601 729 1,561 1,859
Provision for income taxes 223   274   575   692  
 
Net income $ 378   $ 455   $ 986   $ 1,167  
 
Basic net income per share $ 1.66 $ 1.82 $ 4.19 $ 4.33
Average number of shares 227 251 235 270
 
Diluted net income per share $ 1.66 $ 1.81 $ 4.17 $ 4.30
Average number of shares 228 252 237 271
 
As a percent of net sales:
Gross margin 33.3 % 36.2 % 36.3 % 38.2 %
Selling, general and
administrative expenses 19.1 % 19.6 % 22.1 % 22.6 %
Operating income 10.8 % 13.4 % 9.8 % 11.5 %
Net income 6.0 % 7.6 % 5.1 % 6.2 %
 
 
KOHL'S CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Millions)
(Unaudited)
         
Feb 2, 2013 Jan 28, 2012

Assets
Current assets:
Cash and cash equivalents $ 537 $ 1,205
Merchandise inventories 3,748 3,216
Deferred income taxes 122 109
Other 312   299
 
Total current assets 4,719 4,829
 
Property and equipment, net 8,872 8,905
Long-term investments 53 153
Other assets 261   261
 
Total assets $ 13,905   $ 14,148
 

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 1,307 $ 1,233
Accrued liabilities 986 1,147
Income taxes payable 137 133
Current portion of capital lease
and financing obligations 105   94
 
Total current liabilities 2,535 2,607
 
Long-term debt 2,492 2,141
Capital lease and financing obligations 1,956 2,009
Deferred income taxes 362 423
Other long-term liabilities 512 460
Shareholders' equity 6,048   6,508
 
Total liabilities and shareholders' equity $ 13,905   $ 14,148
 
 
KOHL'S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
(Unaudited)
 
    Feb 2, 2013     Jan 28, 2012
(53 Weeks) (52 Weeks)
Operating activities
Net income $ 986 $ 1,167
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 833 778
Share-based compensation 50 57
Excess tax benefits from share-based compensation (4 ) (2 )
Deferred income taxes (79 ) 144
Other non-cash revenues and expenses 29 39
Changes in operating assets and liabilities:
Merchandise inventories (523 ) (160 )
Other current and long-term assets (37 ) (42 )
Accounts payable 74 96
Accrued and other long-term liabilities (60 ) 63
Income taxes (4 ) (1 )
 
Net cash provided by operating activities 1,265   2,139  
 
Investing activities
Acquisition of property and equipment (785 ) (927 )
Sales of investments in auction rate securities 109 145
Other 16   (20 )
 
Net cash used in investing activities (660 ) (802 )
 
Financing activities
Treasury stock purchases (1,293 ) (2,311 )
Dividends paid (300 ) (271 )
Proceeds from issuance of debt 350 646
Deferred financing costs (3 ) (8 )
Long-term debt payments (400 )
Interest rate hedge payments (48 )
Proceeds from financing obligations 12 14
Capital lease and financing obligation payments (111 ) (91 )
Proceeds from stock option exercises 68 58
Excess tax benefits from share-based compensation 4   2  
 
Net cash used in financing activities (1,273 ) (2,409 )
 
Net decrease in cash and cash equivalents (668 ) (1,072 )
Cash and cash equivalents at beginning of period 1,205   2,277  
 
Cash and cash equivalents at end of period $ 537   $ 1,205  

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