Kohl's 2009 Annual Report Download - page 63

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Table of Contents


 

   

Net sales $ 3,638 $ 3,806 $ 4,051 $5,682
Gross margin $1,368 $1,520 $1,539 $2,070
Net income $137 $229 $ 193 $431
Basic shares 305 305 305 306
Basic net income per share $0.45 $ 0.76 $0.63 $1.41
Diluted shares 306 306 308 308
Diluted net income per share $0.45 $ 0.75 $0.63 $1.40

   

Net sales $ 3,624 $3,725 $3,804 $5,235
Gross margin $ 1,335 $1,475 $1,423 $1,822
Net income $ 153 $ 236 $ 160 $336
Basic shares 309 306 305 305
Basic net income per share $0.50 $0.77 $0.53 $1.10
Diluted shares 309 307 305 305
Diluted net income per share $0.49 $0.77 $ 0.52 $1.10
Due to changes in stock prices during the year and timing of issuance of shares, the sum of quarterly net income per share may not equal the annual net
income per share.
 
One of our directors is also a shareholder of a law firm which performs legal services for us.
We have agreements with Blackhawk Network, Inc. (“Blackhawk”) pursuant to which Blackhawk distributes our prepaid gift cards for sale in
various retail outlets and, beginning in 2008, to which we will 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 other retailers in our stores. Blackhawk is a subsidiary of Safeway Stores, Inc.
(“Safeway”) and one of our directors is Chairman, President and Chief Executive Officer of Safeway. The agreements were entered into in the ordinary course
of our business, and our director was not involved in any negotiations. Blackhawk is a leading provider of gift card marketing services in the retail industry,
and Safeway has confirmed that the terms of our agreements with Blackhawk are substantially similar to the terms of Blackhawk’s agreements with other
similarly situated national retailers.
F-21