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The company often found itself too lean on merchandise and missed out on sales, or had too much and had to slash prices, which dented profits. The new system would address these issues, and make the inventory purchase and stocking operation more streamlined and financially efficient.
Around the industry, Macy’s (NYSE:M) is predicting a 3.5 percent gain this year, although Mansell acknowledged that Kohl’s tends to cater to a lower income demographic than Macy’s. Kohl’s real competition is J.C. Penney Co. (NYSE:JCP), who reported a 31.7 percent same-store sales decline for the holiday quarter.
Kohl’s said net income fell to $378 million, or $1.66 per share in the fourth quarter ended February 2nd, from $455 million, or $1.82 per share, a year earlier. The latest earnings per share result was $0.03 better than analysts’ targets, according to Thomson Reuters.
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