Kohl's Corporation Reports First Quarter Earnings Per Share for Fiscal 2009 of $0.45

Kohl’s Corporation (NYSE:KSS). Kohl’s Corporation today reported results for the quarter ended May 2, 2009.

First Quarter Results

Kohl’s Corporation reported net income for the quarter ended May 2, 2009 of $137 million, or $0.45 per diluted share, compared with $153 million, or $0.49 per diluted share, a year ago. Net sales were $3.6 billion, an increase of 0.4 percent for the quarter. Comparable store sales for the quarter decreased 4.2 percent.

Kevin Mansell, Kohl’s president and chief executive officer, said, “We achieved our goal of gaining market share through our performance in both comparable and total sales in the first quarter. Our merchandise margins improved through strong inventory management and successful exclusive brand strategies. We also managed expenses well while improving our store experience. We continue to expect 2009 to be challenging from a macro-economic perspective and, therefore, remain conservative in our sales expectations, inventory levels and expenses. We are focused on gaining market share in this difficult environment.”

Mansell added, “I am very proud of our 121,000 associates and the role they played in these results and want to thank them for their hard work, loyalty and dedication in delivering on our promise to " expect great things" from Kohl’s.”

Expansion Update

During the quarter, Kohl’s successfully opened 19 stores. The Company ended the quarter with 1,022 stores in 49 states, compared with 957 stores in 47 states at the same time last year. The Company expects to open an additional 37 stores later this year for a total of 56 stores in fiscal 2009. The Company completed the remodel of 32 stores during the quarter ended May 2, 2009 and expects to remodel an additional 19 stores later this year.

Earnings Guidance – Second Quarter and Fiscal 2009

The Company provided initial guidance for its second fiscal quarter ending August 1, 2009 of $0.56 to $0.64 per diluted share. The Company also updated its guidance for fiscal 2009 to $2.19 to $2.42 per diluted share, reflecting its first quarter results, from its initial guidance of $2.00 to $2.30 per diluted share.

First Quarter 2009 Earnings Conference Call

Investors will have an opportunity to listen to the first quarter earnings conference call at 8:30 AM EDT on May 14 by dialing (706) 902-0486, using Conference ID 97739749. A replay of the call will also be accessible from 9:20 AM EDT on May 14 until Midnight EDT on June 14, 2009. To listen to the replay, dial (706) 645-9291, and use Conference ID 97739749.

In addition, the call will be web cast live over the Internet through the Company's web site located at http://www.kohlscorporation.com/InvestorRelations/event-calendar.htm. To participate in the conference, register at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=60706&eventID=2199488 at least ten minutes prior to the call to download and install any necessary audio software. The web cast will be available for 30 days.

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 sales and 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. Kohl’s operates 1,022 stores in 49 states. A company committed to the communities it serves, Kohl’s has raised more than $126 million for children’s initiatives nationwide through its Kohl’s Cares for Kids® philanthropic 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.