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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ÈAnnual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2009
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition period from to
Commission File No. 1-11084
KOHL’S CORPORATION
(Exact name of registrant as specified in its charter)
WISCONSIN 39-1630919
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
N56 W17000 Ridgewood Drive,
Menomonee Falls, Wisconsin
53051
(Zip Code)
(Address of principal executive offices)
Registrant’s telephone number, including area code (262) 703-7000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Common Stock, $.01 Par Value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes X No .
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of
the Act. Yes No X .
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No .
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. È
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer X Accelerated filer Non-accelerated filer (Do not check if a smaller
reporting company) Smaller reporting company
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No X .
At August 2, 2008, the aggregate market value of the voting stock of the Registrant held by stockholders who
were not affiliates of the Registrant was approximately $12.822 billion (based upon the closing price of Registrant’s
Common Stock on the New York Stock Exchange on such date). At March 11, 2009, the Registrant had outstanding an
aggregate of 304,716,297 shares of its Common Stock.
Documents Incorporated by Reference:
Portions of the Proxy Statement for the Registrant’s Annual Meeting of Shareholders to be held on May 14, 2009 are
incorporated into Parts II and III.

Table of contents

  • Page 1
    ... closing price of Registrant's Common Stock on the New York Stock Exchange on such date). At March 11, 2009, the Registrant had outstanding an aggregate of 304,716,297 shares of its Common Stock. Documents Incorporated by Reference: Portions of the Proxy Statement for the Registrant's Annual Meeting...

  • Page 2
    ... and Financial Disclosures ...Item 9A. Controls and Procedures ...Item 9B. Other Information ...PART III ...Item 10. Directors, Executive Officers and Corporate Governance ...Item 11. Executive Compensation ...Item 12. Security Ownership of Certain Beneficial Owners and Management and Related...

  • Page 3
    ... content, marketing, inventory management and the in-store shopping experience. Our merchandise content initiatives are focused on increasing market share by expanding Kohl's appeal to a broader range of customers. New brand launches in 2008 included Jumping Beans - our classic opening price point...

  • Page 4
    ...continued to target our most loyal customer - the Kohl's charge card customer. We also emphasized our flexible return policy. Our inventory management initiatives are designed to ensure that we have the right inventory, in the right stores, at the right time. Size optimization is focused on ensuring...

  • Page 5
    ... in Monroe, Ohio that services our e-commerce business. In 2007, the fulfillment center was expanded by over 400,000 square feet to support our e-commerce sales growth. See Item 2, "Properties," for additional information about our distribution centers. Employees As of January 31, 2009, we employed...

  • Page 6
    ..., trade names and service marks, most of which are used in our private label program. Available Information Our internet website is www.Kohls.com. Through the "Investor Relations-SEC Filings" portion of this website, we make available, free of charge, our proxy statements, Annual Reports on...

  • Page 7
    ... businesses and other forms of retail commerce. Unanticipated changes in the pricing and other practices of those competitors may adversely affect our performance. If we do not offer merchandise our customers want and fail to successfully manage our inventory levels, our sales and/or gross margin...

  • Page 8
    ... cost of capital. If our existing cash, cash generated from operations and funds available on our lines of credit were insufficient to fund our future activities, including capital expenditures, or repay debt when it becomes due, we may need to raise additional funds through public or private equity...

  • Page 9
    ... or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, the ability to access suitable merchandise on acceptable terms, and the financial viability of our vendors are beyond our control and could...

  • Page 10
    ... systems to effectively manage sales, distribution, merchandise planning and allocation functions. We also generate sales though the operations of our Kohls.com website. The failure of our information systems to perform as designed could disrupt our business and harm sales and profitability...

  • Page 11
    ... 2008 Retail Square Footage 2007 Additions 2008 (in thousands) Midwest Region: Illinois ...Indiana ...Iowa ...Michigan ...Minnesota ...Nebraska ...North Dakota ...Ohio ...South Dakota ...Wisconsin ...Northeast Region: Connecticut ...Maine ...Massachusetts ...New Hampshire ...New Jersey ...New York...

  • Page 12
    ... 138 487 5,103 1,881 7,037 1,698 611 249 667 12,143 74,992 Number of Stores by Major Metropolitan Market 2007 Additions 2008 Greater New York metropolitan area ...Chicago ...Los Angeles ...Greater Philadelphia metropolitan area ...Dallas/Fort Worth ...Atlanta ...Detroit ...Boston ...Washington DC...

  • Page 13
    ... of Stores by Store Type 2007 Additions 2008 Prototype ...Small ...Urban ... 863 62 4 929 55 20 - 75 918 82 4 1,004 Number of Stores by Location 2007 Additions 2008 Strip centers ...Community & regional malls ...Free standing ... 664 64 201 929 53 2 20 75 717 66 221 1,004 Number of Stores by...

  • Page 14
    ..., Illinois ...2008 328,000 Indiana, Illinois, Michigan 90 125 100 105 110 140 110 150 110 150 We own all of the distribution centers except Corsicana, Texas, which is leased. We also own our corporate headquarters in Menomonee Falls, Wisconsin and a 940,000 square foot e-commerce fulfillment...

  • Page 15
    ...'s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities (a) Market information Our Common Stock has been traded on the New York Stock Exchange ("NYSE") since May 19, 1992, under the symbol "KSS." The prices in the table below indicate the high and low sales prices of...

  • Page 16
    ...Department Stores Index ... $100.00 100.00 100.00 $102.98 105.34 117.76 $ 99.77 117.59 137.50 $165.12 135.22 197.75 $103.68 132.78 126.26 $82.87 80.51 59.64 (f) Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities We did not sell any equity securities during 2008...

  • Page 17
    ...the employees' restricted stock during the three fiscal months ended January 31, 2009: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In millions) Period Total Number...

  • Page 18
    ... sales per selling square foot (b) ...Total square feet of selling space (end of period, in thousands) ...Number of stores open (end of period) ...Return on average shareholders' equity (c) ...Balance Sheet Data (end of period): Working capital ...Property and equipment, net ...Total assets ...Long...

  • Page 19
    ... in 2008. We believe our capital structure is well positioned to continue to support our expansion plans. We expect internally generated cash flows to continue to be our primary source of the funding required for future growth. For 2009, we currently expect total sales to decrease in the range of...

  • Page 20
    ..., while Women's and Home trailed the company. The Northeast, Midwest and Mid-Atlantic regions reported the strongest comparable store sales for 2008. E-commerce revenues increased 48% to $356 million for 2008 as we continue to expand the selections offered on-line. Net sales per selling square foot...

  • Page 21
    ... identifiable costs; inventory shrink; markdowns; freight expenses associated with moving merchandise from our vendors to our distribution centers; shipping and handling expenses of e-commerce sales; and terms cash discount. Our gross margin may not be comparable with that of other retailers because...

  • Page 22
    ... in credit and corporate expenses for 2007, but stores, advertising and distribution centers did not leverage primarily due to lower comparable store sales, our desire to maintain a positive customer in-store experience and incremental marketing expenses associated with the launch of new brand...

  • Page 23
    ... connection with our expansion and remodeling programs and seasonal and new store inventory purchases. Our working capital and inventory levels typically build throughout the fall, peaking during the November and December holiday selling season. Our primary sources of funds are cash flow provided by...

  • Page 24
    ...and sales of investments used cash of $439 million in 2008 and $52 million in 2007. As of January 31, 2009, we had investments in auction rate securities ("ARS") with a par value of $407 million and an estimated fair value of $332 million. ARS are long-term debt instruments with interest rates reset...

  • Page 25
    ... sale of our private label credit card portfolio in 2006. Capital expenditures totaled $1.5 billion for 2007, a $379 million increase over 2006 primarily due to an increase in the number of stores opened and an increase in the number of remodels. Financing activities. Our financing activities used...

  • Page 26
    ... charges ... $ 1,885 $ 1,953 $ 1,482 2.04:1 2.10:1 1.78:1 23.5% 25.3% 15.9% 4.47 5.97 7.61 The decreases in working capital and the current ratio as of year-end 2008 compared to year-end 2007 were primarily due to lower inventory levels and a higher accounts payable balance. The debt/capitalization...

  • Page 27
    The increase in working capital and the current ratio as of year-end 2007 compared to year-end 2006 was primarily due to higher inventories and short-term investments and decreases in accounts payable and taxes payable. The increase in the debt/capitalization ratio represents higher debt levels, ...

  • Page 28
    ... or the availability of capital resources. Critical Accounting Policies and Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts. A discussion...

  • Page 29
    ...1 to the consolidated financial statements, "Business and Summary of Accounting Policies." Insurance Reserve Estimates We use a combination of insurance and self-insurance for a number of risks including workers' compensation, general liability and employee-related health care benefits, a portion of...

  • Page 30
    .... New Accounting Pronouncements In January 2009, the FASB issued FASB Staff Position ("FSP") EITF 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20." This standard prescribes that if the fair value of an available-for-sale or held-to-maturity debt security is less than its cost...

  • Page 31
    ... reporting. Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of our published financial statements. All internal control systems, no matter how well designed, have inherent limitations...

  • Page 32
    ... with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Kohl's Corporation as of January 31, 2009 and February 2, 2008, and the related consolidated statements of income, changes in shareholders' equity, and cash flows for each of the...

  • Page 33
    ...as Senior Vice President-Director of Stores in 1988. Mr. Montgomery began his retail career in 1972. Mr. Mansell was promoted to Chief Executive Officer in August 2008 and has served as President and Director since February 1999. He served as Executive Vice President-General Merchandise Manager from...

  • Page 34
    ... Chief Executive Officer, Department Store Division of Dayton-Hudson Corporation (a) (b) (c) * 2008 Audit Committee member 2008 Compensation Committee member 2008 Governance & Nominating Committee member Denotes Chair Item 11. Executive Compensation See the information provided in the applicable...

  • Page 35
    ... of our 2009 Proxy, which information is incorporated herein by reference. PART IV Item 15. Exhibits and Financial Statement Schedules (a) Documents filed as part of this report: 1. Consolidated Financial Statements: See "Index to Consolidated Financial Statements of Kohl's Corporation" on page...

  • Page 36
    ... (Principal Executive Officer) /s/ WESLEY S. MCDONALD Wesley S. McDonald Executive Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) Dated: March 18, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by...

  • Page 37
    ... long-term debt described in Note 3 and not filed herewith. Private Label Credit Card Program Agreement dated as of March 5, 2006, by and between Kohl's Department Stores, Inc., and Chase Bank USA, National Association, incorporated herein by reference to Exhibit 10.2 of the Company's Annual Report...

  • Page 38
    Exhibit Number Description 10.10 10.11 10.12 10.13 10.14 10.15 Amended and Restated 2003 Long-Term Compensation Plan, incorporated herein by reference to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended August 2, 2008.* Form of Restricted Stock Agreement, incorporated ...

  • Page 39
    ... Current Report on Form 8-K filed on November 19, 2008.* Separation and Release Agreement between the Company and Thomas Kingsbury, dated December 10, 2008.* Ratio of Earnings to Fixed Charges. Subsidiaries of the Registrant. Consent of Ernst & Young LLP. Certification of the Chief Executive Officer...

  • Page 40
    ... STATEMENTS OF KOHL'S CORPORATION Page Consolidated Financial Statements Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets ...Consolidated Statements of Income ...Consolidated Statement of Changes in Shareholders' Equity ...Consolidated Statements of Cash...

  • Page 41
    ...consolidated balance sheets of Kohl's Corporation (the Company) as of January 31, 2009 and February 2, 2008, and the related consolidated statements of income, changes in shareholders' equity, and cash flows for each of the three years in the period ended January 31, 2009. These financial statements...

  • Page 42
    ...'S CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars In Millions, Except Per Share Data) January 31, 2009 February 2, 2008 ASSETS Current assets: Cash ...Short-term investments ...Merchandise inventories ...Deferred income taxes ...Other ...Total current assets ...Property and equipment, net ...Long...

  • Page 43
    KOHL'S CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In Millions, Except Per Share Data) 2008 2007 2006 Net sales ...$16,389 Cost of merchandise sold (exclusive of depreciation shown separately below) ...10,334 Gross margin ...Operating expenses: Selling... to Consolidated Financial Statements F-4

  • Page 44
    KOHL'S CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (In Millions) Common Stock Shares Amount Accumulated Other Comprehensive Loss Paid-In Capital Treasury Stock Retained Earnings Total Balance at January 28, 2006 ...Net income and comprehensive income ...Exercise of ...

  • Page 45
    ...deferred financing fees ...Share-based compensation ...Excess tax benefits from share-based compensation ...Deferred income taxes ...Other non-cash revenues and expenses ...Changes in operating assets and liabilities: Accounts receivable, net ...Merchandise inventories ...Other current and long-term...

  • Page 46
    ... 31, 2009, Kohl's Corporation operated 1,004 family-oriented department stores that feature private, exclusive and national brand apparel, footwear, accessories, soft home products and housewares targeted to middle-income customers. Our stores are located in 48 states. Our authorized capital stock...

  • Page 47
    KOHL'S CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 1. Business and Summary of Accounting Policies (continued) and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value inventory. RIM is an averaging method that has been widely used ...

  • Page 48
    ... to customers include gift cards and merchandise return cards that have been issued but not presented for redemption. Self-Insurance We use a combination of insurance and self-insurance for a number of risks including workers' compensation, general liability and employee-related health care benefits...

  • Page 49
    ...of common stock using the cost method with common stock in treasury classified in the Consolidated Balance Sheets as a reduction of shareholders' equity. Revenue Recognition Revenue from the sale of merchandise at our stores is recognized at the time of sale, net of any returns. E-commerce sales are...

  • Page 50
    ... costs Inventory shrink Markdowns Freight expenses associated with moving merchandise from our vendors to our distribution centers Shipping and handling expenses of E-commerce sales Terms cash discount • Compensation and benefit costs including Stores Corporate headquarters, including buying...

  • Page 51
    KOHL'S CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 1. Business and Summary of Accounting Policies (continued) Preopening Costs Preopening expenses relate to the costs associated with new store openings, including advertising, hiring and training costs for new employees, ...

  • Page 52
    .... New Accounting Pronouncements In January 2009, the FASB issued FASB Staff Position ("FSP") EITF 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20." This standard prescribes that if the fair value of an available-for-sale or held-to-maturity debt security is less than its cost...

  • Page 53
    ...Level 3: The fair value for our ARS is based on third-party pricing models and is classified as a Level 3 pricing category. We utilized a discounted cash flow model to estimate the current fair market value for each of the securities we owned as there was no recent activity in the secondary markets...

  • Page 54
    ...Long-term Investments (continued) model used unique inputs for each security including discount rate, interest rate currently being paid and maturity. The discount rate was calculated using the closest match available for other insured asset backed securities. A market failure scenario was employed...

  • Page 55
    ... at competitive bid rates; LIBOR plus a margin, depending on our long-term unsecured debt ratings; or the agent bank's base rate. The $900 million senior unsecured revolving credit facility agreement matures on October 12, 2011. The co-leads of this facility, The Bank of New York Mellon and Bank of...

  • Page 56
    ...have an Employee Stock Ownership Plan ("ESOP") for the benefit of our non-management associates. Contributions are made at the discretion of the Board of Directors. ESOP expenses, net of forfeitures, totaled $8 million for 2008, $19 million for 2007 and $20 million for 2006. Shares of our stock held...

  • Page 57
    KOHL'S CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 6. Income Taxes Deferred income taxes consist of the following: Jan. 31, Feb. 2, 2009 2008 (In Millions) Deferred tax liabilities: Property and equipment ...Deferred tax assets: Merchandise inventories ...Accrued and other ...

  • Page 58
    ... which were granted to officers and key employees under the 1992 and 1994 Long-Term Compensation Plans. The following table summarizes the number of options and nonvested stock authorized and available for grant as of January 31, 2009: 1997 Plan 2003 Plan (In Thousands) Total Options and nonvested...

  • Page 59
    ... price equal to the fair market value of the common stock on the date of grant. The fair value of each option award is estimated using a Black-Scholes option valuation model and the following weighted-average assumptions: 2008 2007 2006 Dividend yield ...Volatility ...Risk-free interest rate...

  • Page 60
    ... 31, 2009 ($36.71) over the exercise price multiplied by the applicable number of stock options. Nonvested stock awards We have also awarded shares of nonvested common stock to eligible key employees. Most awards have restriction periods tied primarily to employment and/or service. In 2008, we...

  • Page 61
    KOHL'S CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 7. Stock-Based Compensation (continued) The following table summarizes nonvested stock activity for 2008, 2007 and 2006: 2008 Weighted Average Grant Date Fair Shares Value 2007 2006 Weighted Weighted Average Average Grant ...

  • Page 62
    ... Blackhawk distributes our prepaid gift cards for sale in various retail outlets and, beginning in 2008, to which we sell prepaid gift cards for other retailers in our stores. We pay Blackhawk a fee for Kohl's gift cards which are sold at other retailers and receive a fee for selling gift cards for...

  • Page 63
    ...1, 2008 (the "Termination Date"). Executive hereby resigns from all offices, positions, titles and capacities Executive held with Company and its affiliates, effective on the Termination Date. Company hereby accepts this resignation. Subject to and conditional upon Executive executing this Agreement...

  • Page 64
    ... benefits: A. Salary Payments; Accrued Vacation. Company shall continue to pay Executive's current salary through the Termination Date on a semi-monthly basis in accordance with Company's current payroll practices. These payments shall be paid directly into Executive's designated bank account...

  • Page 65
    ... and matching contributions to Executive's savings account, Company shall credit Executive with employment service commencing on the date Executive was hired by Company and ending on the Termination Date in accordance with the 401(k) Plan terms and conditions. D. Deferred Compensation. In the event...

  • Page 66
    ... necessarily limited to, any and all liability based on non-vested salary, or any other form of compensation or any and all liability related to the termination of the Employment Agreement. To the extent any of the following statutes are applicable to Company, any and all liability of Company based...

  • Page 67
    ... plan which vested as of the Termination Date; (ii) any worker's compensation claim Executive may have against Company; (iii) any benefits to be provided under this Agreement; or (iv) any rights of indemnification and coverage under directors and officers liability insurance for Executive...

  • Page 68
    ... from any government agency or entity. Return of Property. Executive agrees to immediately return all Company property under Executive's possession or control, including but not limited to any Company-owned computer equipment, corporate credit cards, keys, cellular telephones and Blackberry handheld...

  • Page 69
    ... received by Telvin Jeffries, Executive Vice President, Human Resources, within 21 days from the date of Executive's receipt; Executive agrees and acknowledges that Executive has been advised by Company to consult with an attorney and tax consultants prior to signing this Agreement; Executive agrees...

  • Page 70
    ... returned to Telvin Jeffries, Executive Vice President, Human Resources, Kohl's Department Stores, Inc., N56 W17000 Ridgewood Drive, Menomonee Falls, Wisconsin 53051. G. 5. REPRESENTATIONS OF EXECUTIVE. Executive represents and warrants to Company that: A. B. Execution Date. Executive has executed...

  • Page 71
    ..., nor use in any way any of the Company's trade secrets, practices, confidential records, employee lists, or any other non-public information or knowledge pertaining to the business of Company obtained by Executive during his employment with Company. 8. ENTIRE AGREEMENT. This Agreement constitutes...

  • Page 72
    ...) in annual revenues; and (ii) operates or owns a Retail Business. "Competitive Business" shall also include a business that provides a buying office or sourcing service to a Retail Business. "Retail Business" means any business or related businesses engaged in the sale of products at retail which...

  • Page 73
    ...(10%) of the Company's annual revenues during the twelve (12) months prior to Employee's last date of employment with the Company. Limited Exception. Company and Executive acknowledge that the Burlington Coat Factory chain of retail stores ("Burlington") is a "Competitive Business" as defined above...

  • Page 74
    ... remedy and the parties agree that all remedies available to Company are cumulative. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the last day, month and year below written. KOHL'S DEPARTMENT STORES, INC. December 10, 2008 Date By: /s/ Richard D. Schepp Richard D. Schepp...

  • Page 75
    ... to Fixed Charges (Dollars in Millions) 2008 2007 2006 Earnings Income before income taxes Fixed charges Less: interest capitalized during period Fixed Charges Interest (expensed or capitalized) Portion of rent expense representative of interest Amortization of deferred financing fees Ratio of...

  • Page 76
    Exhibit 21.1 Subsidiaries Name State of Incorporation or Formation Kohl's Department Stores, Inc. Kohl's Illinois, Inc.* Kohl's Pennsylvania, Inc.* Kohl's Indiana, Inc.* Kohl's Indiana, L.P. Kohl's Michigan, L.P. Kohl's Value Services, Inc.* Kohl's Cares, LLC* KWAL, LLC Delaware Nevada ...

  • Page 77
    ... the related prospectuses, of our reports dated March 5, 2009, with respect to the consolidated financial statements of Kohl's Corporation, and the effectiveness of internal control over financial reporting of Kohl's Corporation, included in this Annual Report (Form 10-K) for the year ended January...

  • Page 78
    ... report financial information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. (b) Date: March 18, 2009 /s/ Kevin Mansell Kevin Mansell President, Chief Executive Officer...

  • Page 79
    ... report financial information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. (b) Date: March 18, 2009 /s/ Wesley S. McDonald Wesley S. McDonald Chief Financial Officer

  • Page 80
    ...-K of the Company for the annual period ended January 31, 2009 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and That the information contained in the Report fairly presents, in all material respects, the financial condition and...

  • Page 81
    ...-K of the Company for the annual period ended January 31, 2009 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and That the information contained in the Report fairly presents, in all material respects, the financial condition and...