Kohl's on Conference Call; Stock trading up approx 8% in pre-market at $46
- Comp sales increased 1%- 'We have effectively reversed a downward sales trend we were experiencing before we introduce the Greatness Agenda last fall'.
- Average unit retail increased 50 basis points to +2.8% (Q2 +2.3%)
- Units per transaction increased 1.3% (Q2 -1%)
- Average transaction value increase of 1.8% (Q2 +1.3%)
- Increases were offset by 80 basis point decrease in transactions per store.
- Footwear and women's performed; Men's was generally in line; children's accessories and home perform below the company.
- Southeast was the strongest region and the South Central was the most challenging particularly in Texas. All the regions were generally consistent with the company. Gross margin decreased slightly for the quarter down 10 basis points. Flat year-to-date.
- Reiterate expectations for a low single digit increase in inventory in the back end of 2015 and a mid-single digit decline in 2016.