Q1 sales were $3.972 billion (down 3.7% from 2015’s $4.123 billion in the same period). Q1 sales comps were down 3.9% over the same period last year. This is significant dip, as 2015 Q1 comps were +1.4% over 2014.
“First quarter sales were challenging,” said Kevin Mansell, Kohl’s chairman, chief executive officer and president. “Despite the sales environment, we were able to manage our gross margin and inventory levels consistent with our expectations as we took the markdowns necessary to clear excess inventory. We managed our expenses effectively throughout the quarter as every area contributed to our savings versus our plan.”
Kohl’s ended the quarter with 1,167 stores in 49 states, compared with 1,164 stores at the same time last year.