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

Kohl's Corp. announced the opening of a new information technology (IT) office in Silicon Valley. The 52,000 square-feet of office space at 620 N. McCarthy Blvd. in Milpitas, Calif., will be an extension of the IT team at the company's Menomonee Falls, Wisc., corporate office and will initially host more than 30 Kohl's associates with the potential to accommodate future growth. Associates at the new location will support Kohl's online sales growth and strategic focus on omnichannel initiatives, including process automation and the replatforming of Kohls.com. In addition to the new West Coast IT office, Kohl's continues to expand its operations to support its long-term growth across all of its corporate facilities, including the main Menomonee Falls, Wisc., headquarters, New York design office and Santa Monica, Calif. design office.