Kohl's Corp. announced that John F. Herma and William S. Kellogg retired from the board of directors.

Kohl's Corp. reported unaudited consolidated earnings results for the first quarter ended May 4, 2013. For the quarter, the company reported net sales of $4,199 million compared to $4,243 million a year ago. Operating income was $317 million compared to $321 million a year ago. Income before income taxes was $234 million compared to $239 million a year ago. Net income was $147 million or $0.66 per basic and diluted share, compared to $154 million or $0.63 per basic and diluted share, a year ago. Net cash provided by operating activities was $305 million compared to $417 million a year ago. Acquisition of property and equipment was $135 million compared to $177 million a year ago. Capital expenditures were $135 million for the first 3 months of 2013, $42 million lower than the first three months of 2012. The decrease reflects multiple changes in capital expenditures, including fewer remodels and new stores, partially offset by higher IT spending. The company provided earnings guidance for the second quarter ending August 3, 2013. The company's guidance is as: total sales increase of 1% to 3%; comparable sales increase of flat to 2%; gross margin rate increase of 10 to 20 basis points; depreciation expense of $228 million; interest expense of $83 million; and a tax rate of 37.5%. This results in earnings per diluted share of $1 to $1.08 for the second fiscal quarter. The company expects improvement in the company's gross margin throughout 2013 as a result of lower costs and better inventory management. On May 15, 2013, the company’s board of directors declared a quarterly cash dividend on the company's common stock of $0.35 per share. The dividend is payable June 26, 2013 to shareholders of record at the close of business on June 12, 2013.

Kohl's Corp., Q1 2013 Earnings Call, May 16, 2013