Kohl's key sales figure up in February
MENOMONEE FALLS, Wis. (AP) — Kohl's Corp. reported Thursday that a key sales figure for February rose, though it fell just below analyst estimates.
The company said sales at stores open at least a year were up 3.7 percent for the four weeks ended Feb. 27. That's an important gauge for retailers because it excludes sales growth that comes from newer stores.
Wall Street, however, expected slightly better. On average, analysts projected an increase of 4.1 percent, according to a survey by Thomson Reuters.
Total sales grew 7.8 percent to $1.08 billion, from $1 billion.
In a statement, Kohl's CEO Kevin Mansell said the sales gains were spread across segments of the store, most notably in home and accessories. He said the department store operator saw its best performance in the West and Southeast.
The company operated 1,058 stores in 49 states at the end of the month.