The Wisconsin firm is leasing a total 1.3 million sf and will be employing 2,250 employees or about 150 at each 86,500-sf store. The company employs 58,000 nationwide.
Six of the new outlets are in north metro; two in the east; four in the northwest; and three in south end counties. Kohl's opened 60 stores in 2000 and plans to open about the same number this year. About 34 of the openings will come in the first quarter, according to the company's third- quarter earnings report.
Four new stores are planned in the Hartford/New Haven, CT market; three in Arkansas; and an undetermined number of locations in existing Midwest and Mid-Atlantic markets. The company operates 320 stores in 25 states.
For the quarter ended Oct. 28, 2000, the New York Stock Exchange-traded firm posted earnings of $76.7 million or 23 cents per diluted share, compared to $53 million or 16 cents per diluted share in the comparable 1999 period.
Net third-quarter sales were $1.4 billion versus $1 billion in 1999, a net income gain of 44.8% on a sales increase of 31.4%. Comparable store sales increases were up 9.4% for the third quarter, up from a 6.9% gain a year ago.
For the nine months ended Oct. 28, net income was $193.7 million or 57 cents per diluted share compared to $137.6 million or 41 cents per diluted share for the prior year. Net sales were $3.9 million versus $2.9 million in fiscal 1999, a net income gain of 40.8% on a sales rise of 33.2%. Comparable stores sales increased 7.6%.
In the report, Kohl's CEO Larry Montgomery says the third quarter and nine-month performance represents "across-the-board strength in our operations, including strong sales at both new and existing stores, gross margin improvements and effective expense controls."
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