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KOHL'S CORPORATION REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 MENOMONEE FALLS, Wis., March 9 /PRNewswire/ -- Kohl's Corporation (NYSE: KSS) today reported record sales and earnings for the fourth quarter and year ended Jan. 30, 1993.
 Net sales for the quarter ended Jan. 30, 1993 were $382,397,000, up 19.1 percent over $321,194,000 for the fourth quarter ended Feb. 1, 1992. Comparable store sales increased 12.1 percent for the quarter. Net income for the quarter before an extraordinary item was $22,526,000 or $.64 per share compared to $13,809,000 or $.52 per share last year. During last year's fourth quarter, the company incurred an extraordinary gain of $1,329,000 on the repurchase of its Junior Subordinated Notes.
 For the year ended Jan. 30, 1993, net sales increased to $1,096,856,000 or 17.9 percent over the 53 week period a year ago. Comparable store sales increased 10.5 percent over the same 52 week period last year. Net income for the year, before extraordinary items, amounted to $28,692,000 or $.88 per share. In May, 1992 the company incurred a non-recurring incentiveo?mpensation charge of $10,641,000 (after tax) in connection with the initial public offering of the company's stock. Income for the year, excluding this charge and before extraordinary items, amounted to $39,333,000 or $1.20 per share compared to $18,876,000 or $.71 per share a year ago.
 William S. Kellogg, chairman and chief executive officer, said, "Our results for the quarter and the year clearly demonstrate that our strategy of offering quality, nationally branded merchandise at exceptional value is appealing to our customers and producing the results we seek. Sales at our newly opened stores are exceeding our expectations, and recently remodeled and expanded units have shown strong sales increases."
 Cost of merchandise sold includes a LIFO credit of $1,498,000 or $.03 per share in the fourth quarter. This contrasts with a LIFO charge of $450,000 or $.01 per share in the fourth quarter a year ago. For the year, the LIFO credit was $1,760,000 or $.03 per share compared to a LIFO credit of $1,709,000 or $.04 per share last year.
 Before LIFO credits and charges, gross margin for the fiscal year and quarter was slightly higher than a year ago. The selling, general and administrative (S,G&A) expense ratio for the year was .2 percent lower than a year ago. For the quarter, S,G&A expenses were at the same percentage of sales as a year ago. Interest costs declined sharply for the year and quarter reflecting the company's equity financing and retirement of debt.
 During 1992, Kohl's opened six new stores and relocated two undersized stores to nearby larger premises. In January, 1993 two small stores in the Milwaukee market were closed.
 The company successfully completed a $45,800,000 common stock offering in January 1993. The proceeds of this offering will be used to continue store expansion and for other corporate purposes. The company plans to open 11 or 12 additional stores in 1993. The stores to be opened this spring are Merrillville, Ind. in March; two Des Moines, Iowa stores in April; and three stores in July (Dublin, Ohio; LaCrosse, Wis.; and Wheaton, Ill.).
 Kohl's, with headquarters in Menonomee Falls, operates family- oriented specialty department stores in 6 upper Midwest states. At Jan. 30, Kohl's operated 79 stores compared with 75 stores at the same time a year ago.
 KOHL'S CORPORATION
 Consolidated Statements of Income
 (In thousands, except per share amounts)
 Quarter Ended
 1/30/93 2/1/92
 Net sales $382,397 $321,194
 Cost of merchandise sold 254,365 216,847
 Gross margin 128,032 104,347
 Selling, general & admin. exp. 80,537 67,688
 Depreciation & amortization 5,190 4,601
 Preopening expenses 970 2,226
 Operating income 41,335 29,832
 Interest expense, net 2,663 5,590
 Income before income taxes 38,672 24,242
 Income taxes 16,146 10,433
 Income before extraordinary item 22,526 13,809
 Extraordinary item -- 1,329
 Net income $22,526 $15,138
 Earnings per share:
 Income before
 extraordinary item $.64 $.52
 Extraordinary item -- .05
 Net income $.64 $.57
 Weighted average number
 of common shares 35,166 26,615
 KOHL'S CORPORATION
 Consolidated Statements of Income
 (In thousands, except per share amounts)
 Year Ended
 1/30/93 2/1/92 (a)
 Net sales $1,096,856 $930,537
 Cost of merchandise sold 722,610 618,664
 Gross margin 374,246 311,873
 Selling, general & admin. exp. 269,158 229,567
 Incentive compensation charge 17,735 --
 Depreciation & amortization 19,834 17,551
 Preopening expenses 2,992 5,334
 Operating income 64,527 59,421
 Interest expense, net 14,393 26,008
 Income before income taxes 50,134 33,413
 Income taxes 21,442 14,537
 Income before extraordinary item 28,692 18,876
 Extraordinary item (2,121) 1,329
 Net income $26,571 $20,205
 Earnings per share:
 Income before
 extraordinary item $.88 $.71
 Extraordinary item (.07) .05
 Net income $.81 $.76
 Earnings before incentive
 compensation charge and
 extraordinary items:
 Earnings $39,333 $18,876
 Earnings per share $1.20 $.71
 Weighted average number
 of common shares 32,658 26,630
 (a) 53 week period
 KOHL'S CORPORATION
 Consolidated Condensed Balance Sheet
 (In thousands)
 ASSETS 1/30/93 2/1/92
 Current assets:
 Cash $922 $867
 Short-term investments 3,300 --
 Due from underwriter 45,960 --
 Merchandise inventories 159,397 135,023
 Other current assets 1,547 521
 Total current assets 211,126 136,411
 Other assets 3,755 3,557
 Property and equipment 141,196 107,276
 Favorable leased assets 27,532 31,004
 Financing and other
 deferred costs 5,050 9,537
 Goodwill 56,138 61,294
 Total assets $444,797 $349,079
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $54,131 $44,499
 Accrued liabilities 40,930 35,578
 Income taxes payable 8,189 8,310
 Deferred income taxes 1,245 3,435
 Current portion of
 long-term debt 1,067 1,001
 Total current liabilities 105,562 92,823
 Long-term debt 95,096 211,125
 Deferred income taxes 11,791 13,407
 Other long-term liabilities 24,948 7,449
 Shareholders' equity 207,400 24,275
 Total liabilities and
 shareholders' equity $444,797 $349,079
 -0- 3/9/93
 /CONTACT: Jules Allen of Kohl's Corporation, 414-783-1640/
 (KSS)


CO: Kohl's Corporation ST: Wisconsin IN: REA SU: ERN

AL -- MN002 -- 4422 03/09/93 09:57 EST
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Date:Mar 9, 1993
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