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KOHL'S CORPORATION REPORTS RECORD SALES AND EARNINGS

 MINNEAPOLIS, Aug. 12 /PRNewswire/ -- Kohl's Corporation (NYSE: KSS) today reported record sales and earnings for the second quarter and six months ended July 31, 1993.
 Net sales for the second quarter were $257.4 million, up 18.3 percent from $217.6 million for the same quarter a year ago. Comparable store sales increased 8.2 percent for the quarter. Net income for the quarter was $6.9 million or $.19 per share. In second quarter last year, the company incurred a non-recurring incentive compensation charge of $10.6 million (after tax) in connection with the initial public offering of the company's stock. Income for second quarter last year, excluding this charge and before an extraordinary item, was $3.9 million or $.12 per share.
 For the six months ended July 31, 1993, net sales increased to $507.7 million or 18.3 percent from $429.3 million for the same period a year ago. Net income for the six months was $14.4 million or $.39 per share. Income for the same period last year, excluding the non- recurring incentive compensation charge and before extraordinary items, was $6.7 million or $.22 per share.
 William S. Kellogg, chairman of Kohl's Corporation, said, "We are extremely pleased with our performance for the first six months. Sales were strong in all markets. Comparable store sales increased 8.5 percent. We are particularly pleased to report that our selling, general and administrative expenses declined as a percent of sales to 26.1 percent from 27.1 percent a year ago. This decline reflected the leveraging of our expenses as a result of the increase in sales."
 During the quarter, the company opened three new stores: one in Columbus, Ohio, for a total of six stores in that market; one in Chicago, for a total of 18 stores in that market; and one in La Crosse, Wis. This brings the total number of stores currently open to 85. Five new stores are planned to open this fall: three in the Chicago area, one in St. Cloud, Minn. (the first there) and one in Sioux Falls, S.D. (the first in that state). This will result in 90 stores at the end of the 1993 fiscal year compared to 79 at the end of fiscal 1992.
 KOHL'S CORPORATION CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share data)
 Quarter Ended Six Months Ended
 7/31/93 8/1/92 7/31/93 8/1/92
 Net sales $257,430 $217,640 $507,679 $429,274
 Cost of merchandise sold 169,343 142,777 333,541 281,953
 Gross margin 88,087 74,863 174,138 147,321
 Selling, general and
 administrative expenses 67,979 59,273 132,684 116,155
 Incentive compensation charge -- 17,735 -- 17,735
 Depreciation and amortization 5,600 4,786 11,056 9,496
 Preopening expenses 1,273 793 2,803 1,198
 Operating income (loss) 13,235 (7,724) 27,595 2,737
 Interest expense, net 1,430 3,476 2,878 9,028
 Income (loss) before
 income taxes 11,805 (11,200) 24,717 (6,291)
 Income taxes 4,913 (4,472) 10,323 (2,361)
 Income (loss) before
 extraordinary item 6,892 (6,728) 14,394 (3,930)
 Extraordinary item -- (2,121) -- (2,121)
 Net income (loss) $6,892 $(8,849) $14,394 $(6,051)
 Earnings (loss) per share:
 Income (loss) before
 extraordinary item $.19 $(.20) $.39 $(.13)
 Extraordinary item -- (.06) -- (.07)
 Net income (loss) .19 (.26) .39 (.20)
 Before incentive
 compensation charge
 and extraordinary item
 Earnings $6,892 $3,913 $14,394 $6,711
 Earnings per share $.19 $.12 $.39 $.22
 Weighted average number of
 common shares 36,627 33,742 36,619 30,178
 Number of stores open at
 end of period 85 78 85 78
 -0- ? 8/12/93
 /CONTACT: Jules Allen, chief financial officer of Kohl's Corporation, 414-783-1640/
 (KSS)


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

DB -- MN003 -- 1983 08/12/93 08:02 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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