Kohl’s posts 3 percent rise in same-store revenue for September, short of Street expectations

Kohl’s September same-store revenue up 3 percent

MENOMENEE FALLS, Wis. — Kohl’s Corp. said Thursday its revenue from stores open at least a year rose 3 percent in September, falling a bit short of the 3.3 percent growth expected by analysts.

Same-store revenue is a key metric for retailers because it measures revenue at established stores, rather than newly opened or closed locations. Last year, Kohl’s reported 5.5 percent same-store revenue growth.

The company said the strongest performance for the month was in its footwear business. Athletic shoes and adult dress shoes led the segment. Men’s clothing and home-related items also sold well.

The increased sales reflected a higher number of transactions, but the number of items per transaction was down, an indication that shoppers “continue to be cautious,” the company said in a prerecorded message.

Southeast and Midwest stores were the strongest, followed by stores in South Central and Western states.

Total sales for the five weeks ended Oct. 2 rose 5.3 percent to $1.54 billion.

So far in the quarter, total sales are up 6.5 percent to $2.96 billion. Comparable store revenue is up 3.7 percent quarter-to-date.

Year to date, total sales were $11.09 billion, up 8.5 percent over last year. Comparable store revenue rose 5.3 percent year-to-date.

In morning trading, Kohl’s shares dipped 39 cents to $52.68.