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Kohl's Earnings Are Flat

The company matches estimates for its first quarter.


(KSS) - Get Kohl's Corporation Report

posted a slight rise in first-quarter earnings Thursday, matching the Wall Street consensus, helped by an increase in total sales as well as inventory and expense management improvements.

The company earned $113.8 million, or 33 cents a share, in the quarter ended May 1, compared with $111 million, or 32 cents a share, a year ago. Total sales increased 12.4% to $2.4 billion, while same-store sales in the period fell 0.1%.

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"Our expenses were well controlled during the quarter and our emphasis on inventory management resulted in increased gross margin," the company said in a statement. "With the return to appropriate inventory levels, the customer now has the shopping environment that she has come to expect from Kohl's."

The company said it opened 47 new stores in the quarter and that it plans to open 48 new stores in the current quarter.

Shares of the Menomonee Falls, Wis.-based company were moving down 3 cents, or 0.1%, at $42.60 in Thursday after-hours trading. They closed up 13 cents, or 0.3%, at $42.63 in the regular

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