"Seeing the changes in the current competitive landscape, we have made adjustments to our expansion plan to take advantage of real estate opportunities that might present themselves," said Larry Montgomery, Kohl's chairman and CEO, in a statement. "We expect much of this to come together over the next six to nine months."
This year the company is on schedule to open 95 units. In 2006 and 2007 Kohl's officials will add a total of 200 stores and enter the Northwest, including the Seattle and Portland, OR markets.
Over the next five years, executives also expect annual sales to more than double, rising from $11.7 billion last year to $24 billion in 2010. Net income, at $703 million last year, is expected to rise to $1.9 billion.
During Kohl's Q2, which ended July 30, the company posted a year-over-year same-store sales increase of 5.1%, and total sales jumped 15.6%, to $2.9 billion. The retailer has opened 33 units so far this year, entering Buffalo, NY, as well as bolstering its presence in existing markets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
