Kohl's Corporation reported on its strong financial performance in fiscal year 2000. Net sales increased 35% to $6.2 billion and net income rose 44% to $372 million. Kohl's opened 61 new stores in 2000, bringing the total to 320 stores across 28 states. The company plans to continue its aggressive nationwide expansion strategy, with plans to open approximately 60 additional stores in 2001. Kohl's also aims to become a national retailer by entering new regions across the country over the next three years, including major markets like Los Angeles and Boston.
This annual report summarizes Procter & Gamble's (P&G's) financial performance and strategic goals for 2001. Net sales declined slightly but core earnings grew. P&G aims to focus on core brands and businesses, improve performance in key markets like the US and Western Europe, and drive growth through innovation. The report highlights how P&G employees and brands help improve people's lives through stories like a dog saved by a specialized diet and a woman who used Olay for decades.
The document is P&G's 2000 annual report which summarizes the company's financial and operating performance for the fiscal year.
1) Net sales grew 5% to $39.9 billion while net earnings fell 6% to $3.5 billion due to higher costs from organizational changes and new investments. Core earnings excluding restructuring costs grew 2% to a record $4.2 billion.
2) The CEO acknowledges the year's challenges but expresses confidence that by focusing on big brands, innovation, customer partnerships, and cost control, P&G can restore balanced growth in sales and profits.
3) Looking forward, the new organizational structure aims to leverage P&G's strengths in understanding consumer needs
This document is Omnicom's annual report for the year 2000. It summarizes Omnicom's financial and operating highlights for 2000, with revenue reaching $6.2 billion, a 20% increase from 1999. It also discusses the performance of Omnicom's major advertising and marketing agency brands such as BBDO Worldwide, DDB Worldwide, and TBWA Worldwide. The report provides an overview of the company's financial results and growth in revenue, income, and earnings per share for 2000.
Kohl's opened 28 new stores in Southern California in March 2003, establishing a major presence on the West Coast and becoming a national retailer. The expansion was the result of extensive preparation over the past two years, including hiring store management teams in 2002, researching the local market to develop an appropriate merchandise mix, and opening a new distribution center in San Bernardino in late 2002 to support the region. The successful opening of 28 stores simultaneously demonstrated Kohl's disciplined approach to expansion and ability to consistently execute its strategies.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policy while focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar's "Everything's Included" program and Zero Defects policy aim to maximize home value for customers through standard luxury features and a streamlined production process.
The Lowe's 1999 Annual Report summarizes the company's strong financial performance in fiscal year 1999. Some key highlights include sales increasing 19% to $15.9 billion, pretax earnings growing 38% to $1.087 billion, and earnings per share rising 33-34%. Lowe's is committed to further improving home improvement for customers by expanding into new markets, enhancing existing programs like installed sales and special orders, and adapting to changing demographics. Going forward, Lowe's aims to continue transforming and adapting to create new opportunities to better serve customers.
- The Walt Disney Company reported earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
Alltrista Corporation is a leading provider of niche consumer products used for home food preservation. In 2001, Alltrista undertook strategic initiatives to focus on its core consumer products business, including the divestiture of non-core businesses. As a result, Alltrista reported a net loss of $85.4 million for 2001 due to special charges associated with divestitures and restructuring costs. However, the divestitures and restructuring positioned Alltrista to focus on growing its consumer products business through the planned acquisition of Tilia International, which would make Alltrista the market leader in home vacuum packaging systems.
This annual report summarizes Procter & Gamble's (P&G's) financial performance and strategic goals for 2001. Net sales declined slightly but core earnings grew. P&G aims to focus on core brands and businesses, improve performance in key markets like the US and Western Europe, and drive growth through innovation. The report highlights how P&G employees and brands help improve people's lives through stories like a dog saved by a specialized diet and a woman who used Olay for decades.
The document is P&G's 2000 annual report which summarizes the company's financial and operating performance for the fiscal year.
1) Net sales grew 5% to $39.9 billion while net earnings fell 6% to $3.5 billion due to higher costs from organizational changes and new investments. Core earnings excluding restructuring costs grew 2% to a record $4.2 billion.
2) The CEO acknowledges the year's challenges but expresses confidence that by focusing on big brands, innovation, customer partnerships, and cost control, P&G can restore balanced growth in sales and profits.
3) Looking forward, the new organizational structure aims to leverage P&G's strengths in understanding consumer needs
This document is Omnicom's annual report for the year 2000. It summarizes Omnicom's financial and operating highlights for 2000, with revenue reaching $6.2 billion, a 20% increase from 1999. It also discusses the performance of Omnicom's major advertising and marketing agency brands such as BBDO Worldwide, DDB Worldwide, and TBWA Worldwide. The report provides an overview of the company's financial results and growth in revenue, income, and earnings per share for 2000.
Kohl's opened 28 new stores in Southern California in March 2003, establishing a major presence on the West Coast and becoming a national retailer. The expansion was the result of extensive preparation over the past two years, including hiring store management teams in 2002, researching the local market to develop an appropriate merchandise mix, and opening a new distribution center in San Bernardino in late 2002 to support the region. The successful opening of 28 stores simultaneously demonstrated Kohl's disciplined approach to expansion and ability to consistently execute its strategies.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policy while focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar's "Everything's Included" program and Zero Defects policy aim to maximize home value for customers through standard luxury features and a streamlined production process.
The Lowe's 1999 Annual Report summarizes the company's strong financial performance in fiscal year 1999. Some key highlights include sales increasing 19% to $15.9 billion, pretax earnings growing 38% to $1.087 billion, and earnings per share rising 33-34%. Lowe's is committed to further improving home improvement for customers by expanding into new markets, enhancing existing programs like installed sales and special orders, and adapting to changing demographics. Going forward, Lowe's aims to continue transforming and adapting to create new opportunities to better serve customers.
- The Walt Disney Company reported earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
Alltrista Corporation is a leading provider of niche consumer products used for home food preservation. In 2001, Alltrista undertook strategic initiatives to focus on its core consumer products business, including the divestiture of non-core businesses. As a result, Alltrista reported a net loss of $85.4 million for 2001 due to special charges associated with divestitures and restructuring costs. However, the divestitures and restructuring positioned Alltrista to focus on growing its consumer products business through the planned acquisition of Tilia International, which would make Alltrista the market leader in home vacuum packaging systems.
The Walt Disney Company reported financial results for its first fiscal quarter ended December 29, 2007. Diluted earnings per share were $0.63 compared to $0.79 in the prior year quarter. Revenue increased 9% to $10.5 billion driven by growth across all business segments. Media Networks revenue grew 10% and segment operating income increased 28% due to increases at cable networks and broadcasting. Parks and Resorts revenue increased 11% and segment operating income grew 25% due to increases at domestic and international parks. The Company repurchased $1 billion of its shares in the quarter and had $292 million remaining under its repurchase authorization.
Calpine Corporation is a leading North American power company focused on serving wholesale and industrial customers with reliable and cost-competitive electricity. In 2002, Calpine successfully expanded its fleet of natural gas and geothermal power plants despite challenging market conditions, nearly doubling its capacity. While profits were lower than desired due to economic factors, Calpine maintained its strategic focus on integrity, liquidity, long-term vision, and earnings.
This document is the annual report for Omnicom from 2001. It summarizes the company's financial performance for 2001 and compares it to previous years. Some key points:
- Revenue reached $6.89 billion in 2001, a record high, though growth slowed due to economic challenges including the recession and 9/11 attacks.
- Operating income was $968 million and net income was $503 million in 2001. Earnings per share were $2.75 excluding a one-time gain.
- The company achieved all of its financial goals for 2001 except improving operating margins, due to a slowdown in client spending in many industries.
- Omnicom won a record $4.
This document is Charter Communications' 2002 Annual Report. It provides financial and operating summaries for the year. Key points include:
- Revenues grew 15% to $4.56 billion while adjusted EBITDA rose 16.4% to $1.796 billion.
- Customer relationships declined to 6.634 million from 6.953 million in 2001. However, revenue generating units rose to 10.422 million.
- High-speed data customers increased significantly to 1.138 million while digital and analog video customers declined slightly.
- The report addresses challenges faced in 2001-2002 including customer losses, financial restatements, and regulatory investigations. However, it emphasizes progress in growing revenues from broadband services
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
The document is KB Home's 2000 annual report. It discusses KB Home's operations, including its focus on first-time home buyers in selected markets across the US. Financial highlights show increased revenue, earnings, and backlog for the years 1996-2000. The CEO discusses trends in homeownership, KB Home's competitive advantages in serving immigrant communities, and outlook for continued growth.
- Disney reported higher earnings per share of $0.35 for the first quarter of fiscal year 2005 compared to $0.33 in the prior year quarter.
- Operating income grew at Media Networks and Parks and Resorts segments but declined at Studio Entertainment.
- Disney remains confident in achieving double-digit earnings growth for fiscal year 2005 driven by improvements across various divisions.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
Constellation Brands experienced strong growth in fiscal year 2004. Net sales increased 30% to $3.5 billion and net income grew 39% to $266 million. Operating profit margins improved by 80 basis points. The acquisition of BRL Hardy expanded Constellation's portfolio of wines, particularly Australian wines, and strengthened its global distribution network. Constellation reorganized its global wine operations into six regional companies to better leverage its broader portfolio and drive financial results.
Mohawk Industries is the second largest carpet manufacturer in the US. In 1999, Mohawk saw increases in net sales (12% to $3.1 billion), net earnings (23% to $157.2 million), and earnings per share (23% to $2.61 per share). Mohawk achieved strong growth through a combination of internal expansion and acquisitions, gaining market share despite only a 3% industry growth. While Mohawk's financial performance was strong, its stock price did not reflect this, leading the board to approve a share repurchase program to demonstrate confidence in the company's future.
- Tricon Global Restaurants owns KFC, Pizza Hut, and Taco Bell restaurant chains. In 2001, the company saw increases in ongoing operating profit, net income, and earnings per share compared to 2000, though total revenues declined slightly.
- The company aims to improve customer satisfaction ratings by focusing on running great restaurants and improving the customer experience, which it recognizes is an area that needs significant improvement. It plans to train employees to have a "Customer Mania" mindset with the goal of becoming the best in the industry for customer service.
Omnicom reported its annual financial results for 2004. Key highlights include:
- Revenues increased 13% to a record $9.7 billion from $8.6 billion in 2003. Net income grew 15% to $723.5 million.
- All of Omnicom's marketing services disciplines (media, CRM, specialty communications, PR) contributed to revenue growth.
- Omnicom successfully completed its certification under the Sarbanes-Oxley Act, a significant and costly undertaking.
- The company intends to continue investing in its business and people to drive future growth, including potential acquisitions.
This document provides an overview of Constellation Brands, Inc., a leading producer and marketer of beverage alcohol. It discusses Constellation's financial highlights, major acquisitions, product portfolio breakdown, and growth strategies. Constellation has achieved strong growth through focus on higher-margin categories like imported beer, fine wine, and U.K. wholesale operations. The company aims to continue expanding in fast-growing segments and meet long-term sales and earnings targets through strategic acquisitions and execution of proven strategies.
1) Lowe's is a $43.2 billion home improvement retailer operating 1,234 stores across 49 states.
2) In fiscal 2005, Lowe's saw 18.6% sales growth to $43.2 billion, 27.3% net earnings growth to $2.77 billion, and 6.1% comparable store sales growth.
3) Lowe's growth strategies focus on new store openings, improving the existing store experience, expanding specialty sales programs like installed sales and special order sales, and increasing efficiency through the Rapid Response Replenishment initiative.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
The Walt Disney Company reported financial results for its first fiscal quarter ended December 29, 2007. Diluted earnings per share were $0.63 compared to $0.79 in the prior year quarter. Revenue increased 9% to $10.5 billion driven by growth across all business segments. Media Networks revenue grew 10% and segment operating income increased 28% due to increases at cable networks and broadcasting. Parks and Resorts revenue increased 11% and segment operating income grew 25% due to increases at domestic and international parks. The Company repurchased $1 billion of its shares in the quarter and had $292 million remaining under its repurchase authorization.
Calpine Corporation is a leading North American power company focused on serving wholesale and industrial customers with reliable and cost-competitive electricity. In 2002, Calpine successfully expanded its fleet of natural gas and geothermal power plants despite challenging market conditions, nearly doubling its capacity. While profits were lower than desired due to economic factors, Calpine maintained its strategic focus on integrity, liquidity, long-term vision, and earnings.
This document is the annual report for Omnicom from 2001. It summarizes the company's financial performance for 2001 and compares it to previous years. Some key points:
- Revenue reached $6.89 billion in 2001, a record high, though growth slowed due to economic challenges including the recession and 9/11 attacks.
- Operating income was $968 million and net income was $503 million in 2001. Earnings per share were $2.75 excluding a one-time gain.
- The company achieved all of its financial goals for 2001 except improving operating margins, due to a slowdown in client spending in many industries.
- Omnicom won a record $4.
This document is Charter Communications' 2002 Annual Report. It provides financial and operating summaries for the year. Key points include:
- Revenues grew 15% to $4.56 billion while adjusted EBITDA rose 16.4% to $1.796 billion.
- Customer relationships declined to 6.634 million from 6.953 million in 2001. However, revenue generating units rose to 10.422 million.
- High-speed data customers increased significantly to 1.138 million while digital and analog video customers declined slightly.
- The report addresses challenges faced in 2001-2002 including customer losses, financial restatements, and regulatory investigations. However, it emphasizes progress in growing revenues from broadband services
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
The document is KB Home's 2000 annual report. It discusses KB Home's operations, including its focus on first-time home buyers in selected markets across the US. Financial highlights show increased revenue, earnings, and backlog for the years 1996-2000. The CEO discusses trends in homeownership, KB Home's competitive advantages in serving immigrant communities, and outlook for continued growth.
- Disney reported higher earnings per share of $0.35 for the first quarter of fiscal year 2005 compared to $0.33 in the prior year quarter.
- Operating income grew at Media Networks and Parks and Resorts segments but declined at Studio Entertainment.
- Disney remains confident in achieving double-digit earnings growth for fiscal year 2005 driven by improvements across various divisions.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
Constellation Brands experienced strong growth in fiscal year 2004. Net sales increased 30% to $3.5 billion and net income grew 39% to $266 million. Operating profit margins improved by 80 basis points. The acquisition of BRL Hardy expanded Constellation's portfolio of wines, particularly Australian wines, and strengthened its global distribution network. Constellation reorganized its global wine operations into six regional companies to better leverage its broader portfolio and drive financial results.
Mohawk Industries is the second largest carpet manufacturer in the US. In 1999, Mohawk saw increases in net sales (12% to $3.1 billion), net earnings (23% to $157.2 million), and earnings per share (23% to $2.61 per share). Mohawk achieved strong growth through a combination of internal expansion and acquisitions, gaining market share despite only a 3% industry growth. While Mohawk's financial performance was strong, its stock price did not reflect this, leading the board to approve a share repurchase program to demonstrate confidence in the company's future.
- Tricon Global Restaurants owns KFC, Pizza Hut, and Taco Bell restaurant chains. In 2001, the company saw increases in ongoing operating profit, net income, and earnings per share compared to 2000, though total revenues declined slightly.
- The company aims to improve customer satisfaction ratings by focusing on running great restaurants and improving the customer experience, which it recognizes is an area that needs significant improvement. It plans to train employees to have a "Customer Mania" mindset with the goal of becoming the best in the industry for customer service.
Omnicom reported its annual financial results for 2004. Key highlights include:
- Revenues increased 13% to a record $9.7 billion from $8.6 billion in 2003. Net income grew 15% to $723.5 million.
- All of Omnicom's marketing services disciplines (media, CRM, specialty communications, PR) contributed to revenue growth.
- Omnicom successfully completed its certification under the Sarbanes-Oxley Act, a significant and costly undertaking.
- The company intends to continue investing in its business and people to drive future growth, including potential acquisitions.
This document provides an overview of Constellation Brands, Inc., a leading producer and marketer of beverage alcohol. It discusses Constellation's financial highlights, major acquisitions, product portfolio breakdown, and growth strategies. Constellation has achieved strong growth through focus on higher-margin categories like imported beer, fine wine, and U.K. wholesale operations. The company aims to continue expanding in fast-growing segments and meet long-term sales and earnings targets through strategic acquisitions and execution of proven strategies.
1) Lowe's is a $43.2 billion home improvement retailer operating 1,234 stores across 49 states.
2) In fiscal 2005, Lowe's saw 18.6% sales growth to $43.2 billion, 27.3% net earnings growth to $2.77 billion, and 6.1% comparable store sales growth.
3) Lowe's growth strategies focus on new store openings, improving the existing store experience, expanding specialty sales programs like installed sales and special order sales, and increasing efficiency through the Rapid Response Replenishment initiative.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
This annual report summarizes Lennar Corporation's performance in 1999. Key points include:
1) Lennar grew total revenues to $3.1 billion, a 29% increase over 1998, with net earnings increasing 20% to $173 million.
2) Lennar reduced its debt to total capital ratio from 43% to 37% and reduced its revolving credit balance to $0 by the end of 1999.
3) Lennar exceeded its goals for revenue, earnings, and home delivery growth while maintaining a focus on return on capital and equity.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policies, focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar streamlined operations through two main divisions, Lennar Homes and Lennar Financial Services, allowing the company to cover most aspects of homebuilding and buying while keeping processes simple.
Over the past decade, IBM transformed itself by shifting to more profitable and high-value technologies, becoming a globally integrated enterprise, and aligning its business model to generate superior financial results and returns for shareholders. IBM achieved record earnings per share of $11.52 in 2010, nearly tripling its EPS since 2000, through productivity improvements and shifting to more profitable business segments. IBM also delivered record cash flows and continued investing in R&D while returning $89 billion to shareholders through stock repurchases and dividends.
The document discusses PBG's financial highlights and growth in 2000. Key points:
1) PBG had strong financial results in 2000, with net revenues of $7.982 billion and EPS of $1.53, up from 1999. Operating income and EBITDA also grew substantially.
2) Two-thirds of PBG's business comes from take-home sales. In 2000 PBG focused on growing its bottled water and flavor carbonated soft drink segments in the take-home market.
3) PBG launched Sierra Mist, a new lemon-lime flavor, to capitalize on the fast growing lemon-lime segment of the carbonated soft drink category. The launch was swift in
Foot Locker, Inc. reported strong financial results for 2003, with total sales increasing 6.0% to $4.779 billion and operating profit margin expanding to 7.2% from 6.0%. The company saw significant growth from its international operations, particularly in Europe, and its direct-to-customer business. For 2004, Foot Locker plans to open approximately 110 new stores while remodeling over 200 existing stores, focusing on continued expansion in international markets like Europe as well as growing its e-commerce business. The company ended 2003 in a strong financial position with $112 million in cash, positioning it to take advantage of future investment and expansion opportunities.
This document is the annual report for Omnicom from 2001. It provides an overview of the company's financial performance for 2001 compared to previous years, as well as highlights from each of its major advertising agency networks - BBDO Worldwide, DDB Worldwide, and TBWA Worldwide. The report discusses how each agency network expanded its client roster and won various industry awards in 2001 despite challenges from economic slowdown. It also notes some leadership changes that occurred within the company.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
ONEOK is an energy company that has diversified beyond its traditional natural gas distribution business. In 2000, ONEOK acquired midstream gas assets that expanded its operations in gas gathering and processing. As a result of these acquisitions and growth across its various business segments, ONEOK's revenues increased over 222% compared to 1999. ONEOK expects continued growth in 2001 from contributions of its new midstream assets, completion of a new power plant, and improved prices. The company remains focused on creating value for shareholders through strategic acquisitions and growth across its diversified portfolio of energy businesses.
This annual report summarizes the financial performance of W.R. Berkley Corporation in 2002. Key points include:
- Net income, total revenues, premiums written, and underwriting profit all reached record highs in 2002.
- All four domestic operating segments (specialty, alternative markets, reinsurance, and regional) contributed significantly to growth through higher premium volumes and earnings.
- The company benefited from industry trends of higher insurance prices, improved terms and conditions, and a contraction of overall industry capacity amidst widespread balance sheet problems facing competitors.
The document is Campbell Soup Company's 2001 annual report. It summarizes the company's transformation plan to revitalize the business and return to growth. The plan focuses on 5 strategies: 1) revitalizing US soup sales, 2) strengthening the broader portfolio, 3) building new growth avenues, 4) improving quality while driving productivity, and 5) improving organizational excellence. The report provides details on initiatives under each strategy, and discusses financial performance and outlook.
The document discusses Ingram Micro, the world's largest technology distributor. It provides an overview of Ingram Micro's financial performance in 1999, including revenue of $28.1 billion, a 27% increase from 1998. It discusses challenges faced in 1999 from intense pricing competition and rising costs. The CEO discusses strategies to leverage Ingram Micro's global scale and infrastructure to expand outsourcing partnerships and e-commerce operations.
The Timken Company maintained profitability in 1999 despite weaknesses in many markets. The company achieved its third highest sales ever and reduced inventory days for the third consecutive year. Looking ahead, Timken is transforming its organization into a more global business with new leadership and a broader product portfolio to fuel growth and take advantage of improving business conditions in 2000.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
This document provides an overview and analysis of Illinois Tool Works Inc.'s financial statements for 2001, 2000 and 1999. It summarizes revenues, operating income, and margins for each of ITW's five business segments for each year. It also discusses factors affecting revenues and costs, including the impact of acquisitions, divestitures, currency fluctuations, and end market demand. Additionally, it provides details on ITW's investments in mortgage-related assets and the expected future cash flows from these investments.
This document provides an overview and analysis of Illinois Tool Works Inc.'s financial statements for 2001, 2000 and 1999. It summarizes revenues, operating income, and margins for each of ITW's five business segments for each year. It also discusses factors affecting revenues and costs, including lower demand in North America, currency fluctuations, acquisitions, and nonrecurring costs. Additionally, it provides details on ITW's investments in mortgage-related assets and the expected future cash flows from these investments.
Morgan Stanley Dean Witter reported record first quarter net income of $1.5 billion, up 49% from the previous year, with record net revenues of $7.4 billion. Earnings per share were up 52% to $1.34. The Securities division achieved net income of $1.24 billion, up 54%, driven by record results in equities trading, investment banking, and asset management. Asset Management reported a 48% increase in net income to $158 million, with record assets under management of $455 billion. Credit Services net income was up 15% to $142 million, with record transaction volumes and consumer loan balances.
This document provides consolidated financial highlights for Burlington Northern Santa Fe Corporation for the years 1991-1995. Some key points:
- Revenues grew from $4.559 billion in 1991 to $6.183 billion in 1995. Operating income improved from a loss of $239 million in 1991 to income of $526 million in 1995, excluding unusual merger-related charges.
- Net income was $92 million in 1995 but would have been $416 million without accounting changes and debt retirement costs related to the merger.
- Capital expenditures were $1.042 billion in 1995 and are planned to be nearly $1.7 billion in 1996 to support revenue growth and cost reduction initiatives.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
Burlington Northern Santa Fe Corporation reported earnings of $0.36 per diluted share for the first quarter of 2001, compared to $0.55 per diluted share for the same period in 2000. Freight revenues were $2.26 billion, up slightly due to a 4% increase in ton-miles. Operating expenses increased 7% to $1.87 billion due to higher fuel costs, severe winter weather, and increased energy costs. The operating ratio was 81.5% compared to 77.3% in 2000. Revenue from agricultural commodities increased 11% while industrial revenues declined 3% and coal revenues declined 1% compared to the first quarter of 2000.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
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1. Kohl’s Corporation
N56 W17000 Ridgewood Drive
Menomonee Falls, WI 53051-5660
(262) 703-7000
www.kohls.com
Printed on recycled paper.
2. Kohl’s Corporation
2000 Annual Report
that’s more like it®
more growth
more expansion
more brands
more convenience
more value
3. Kohl’s is a family-oriented
department store.
profile
Contents
As of April 2001, Kohl’s operates 354 family-oriented,
1 More Growth
2 Letter to Shareholders specialty department stores in 28 states that feature quality,
3 Message from Bill Kellogg
national brand merchandise priced to provide exceptional
4 More Expansion
value to customers. The company’s stores sell moderately
8 More Brands and Value
priced brand-name apparel, shoes, accessories and home
10 More Convenience
products targeted to middle income consumers shopping
12 More Community Involvement
for their families and homes. Kohl’s focuses on providing
13 More Opportunities
for Associates
convenient shopping in neighborhood locations close to
14 Financial Highlights
where our customers live and work.
15 Corporate Information
4. more growth
Financial Highlights
Another
Net Sales 2000 $ 6,152
up 35%
1999 $ 4,557
(In millions of dollars)
Record Year
Since going public in 1992, Kohl’s has
Operating Income 2000 $ 651
up 45%
1999 $ 448
(In millions of dollars) established a record of consistently
strong financial performance. On a
Net Income 2000 $ 372 compounded growth rate basis
up 44%
1999 $ 258
(In millions of dollars)
(excluding non-recurring charges),
our net income has increased 38
Diluted Net Income Per Share(1) 2000 $ 1.10
up 43% percent over the last five years and
1999 $ 0.77
33 percent since 1992. Net income
increased 44 percent in 2000. This
Number of Stores 2000 320
up 24%
1999 259 was the highest percentage increase
in the last five years and our fifth
Total Square Feet of Selling Space 2000 23,610 consecutive year of earnings growth
up 26%
1999 18,757
(At year end in thousands)
exceeding 30 percent.
Diluted Net Income Per Share (1)
Net Sales Net Income
(in millions of dollars) (in millions of dollars)
$6,152 $372 $1.10
26.7% 34.1%
38.2%
CAGR* CAGR*
CAGR*
$4,557
$.77
$258
$3,682
$.59
$192
$3,060
$.45
$2,388
$141
$.34
$102
96 97 98 99 00 96 97 98 99 00
96 97 98 99 00
* Compounded annual growth rate.
(1)
Adjusted for stock splits in 1996, 1998 and 2000.
Ko h l ’s C o r p o r a t i o n 1
5. dear
shareholders:
Fiscal 2000 was an outstanding year for Kohl’s. Our increases in
sales and income were some of our highest ever and once again,
our record-breaking results far outpaced many other retailers.
Our ability to deliver this consistently strong performance
is the result of our focus on convenience and value for our
customers, the successful execution of our expansion strategy,
From left: Arlene Meier,
and most importantly, the best Associates in retail. Put these together and
Larry Montgomery and Kevin Mansell.
you have the ‘more’ behind “That’s more like it” and the essence of all that we do.
Consistently Strong Performance
Thank You to From a performance standpoint, ‘more’ means exceeding our goal to
Bill Kellogg increase sales and earnings by at least 20 percent each year. In 2000,
net sales increased 35 percent to $6.2 billion. Net income rose 44 percent
We are fortunate to have worked with
to $372.2 million or $1.10 per diluted share. Kohl’s also had an excellent
Bill Kellogg, who retired in January from holiday season. Fourth quarter net sales rose 38 percent and net income
increased 48 percent.
his day-to-day operating responsibilities.
Comparable store sales increased nine percent in 2000, consistent with
In the investment community, Bill is well our average over the past five years and well above the performance of our
direct competitors. We remain focused on increasing our market share and
known for his vision and leadership in
successfully opening new stores.
creating the Kohl’s concept and building
Our outstanding performance has resulted in more value for our shareholders.
the company from just 40 stores in 1986 to
Our stock price increased from $34.41 per share at the end of 1999 to $68.48
320 at the end of 2000. Internally, Bill’s
at the end of 2000. Cumulatively, a $1,000 investment in Kohl’s initial pubic
support and commitment to our offering in 1992 had grown to over $39,000 at the end of fiscal 2000.
Associates is legendary. His philosophy
Fast-Paced Growth
that ‘people make the difference’ is the
‘More’ also describes our expansion strategy. We opened 61 stores in 2000
focal point of our culture and the secret
to end the year with 320 stores. This includes our successful entry into the
to our success.
tri-state market of New York, New Jersey and Connecticut with 35 stores.
Our success in this market has exceeded our initial expectations and we plan
We know we speak for everyone to continue adding fill-in stores to further strengthen our presence in this region.
associated with Kohl’s in thanking Bill
This year, we plan to open approximately 60 additional stores. In March
for his role in Kohl’s growth, and we look and April, we opened 34 stores, including our entries into Atlanta with
15 stores, Hartford/New Haven with four stores and Fayetteville/Ft. Smith,
forward to his continuing counsel as
Arkansas, with three stores. This fall, we will open approximately 26 stores
Chairman of the Board.
and enter the new markets of El Paso, Austin and Oklahoma City.
2 Ko h l ’s C o r p o r a t i o n
6. In 2002, we plan to open approximately 70 stores. We will expand fur-
ther into the Northeast with a major entry into the Boston market and
will enter the Houston market for the first time. In 2003, we plan to
begin a major expansion into the Southwest with a significant entry into
Los Angeles, giving us the coast-to-coast coverage that will move us
To My Fellow
from a regional to a national retailer. Plans are also currently under-
way for further entries into Southern California, Arizona and Nevada in
Associates:
2003 and 2004.
I would like to take this opportunity to
thank all of the Associates I have worked
Focus on Convenience with over the years at Kohl’s. It is
because of your efforts that Kohl’s is the
Convenience is very important to our customer. Our ample and well-lit
tremendous success it is today. I have
parking, handy stroller carts, functional store layout, in-stock position
always believed that Kohl’s Associates
and central check-out make shopping at Kohl’s fast and easy.
are exceptional. Your hard work and
commitment to our customers and your
In 2001, we will add on-line shopping for those customers who want
company have created a unique culture
the convenience of shopping from home. Our entry into e-commerce
that thrives on the growth of our people
has been well researched and deliberately planned to ensure our
as well as our performance.
customers the same level of service they have come to expect from
our stores. A new fulfillment center has been built in Ohio specifically To our customers, you are Kohl’s.
Whether you welcome customers to
to service these customers. Effective utilization and leverage of our
your store with a smile and a friendly
established corporate functions provides a financially sound foundation
hello, provide critical store support as
for our on-line shopping business. Although e-commerce will contribute
part of our distribution center team or help
only a small percentage of total sales in its first year, it will complement
to keep things running as a member of
our existing stores and provide an added service for our busy customers. our corporate staff, you have an important
role in our success. The credit for our
Outstanding Associates many achievements belongs to all of you.
Of course, no report on the year is complete without a thank you to the While I will continue to serve as
people who made it happen – our Associates. In our business, success is Chairman of the Board, I am proud that
more than buildings and merchandise. It takes great people, and whether the management transition process we
they work in our stores, distribution centers or corporate office, our began in 1998 was completed in a
smooth and seamless manner. With the
Associates are the driving force behind all of our achievements. We are
leadership of Larry Montgomery as chief
proud of this outstanding group of people whose friendly service and
executive officer, Kevin Mansell as
caring attitude have made Kohl’s the company to watch in retailing today.
president and Arlene Meier as chief
operating officer, we are well positioned
With coast-to-coast expansion on the horizon, the years ahead will
to continue our expansion strategy.
be an exciting time for Kohl’s. We want to thank all of our Associates,
shareholders, customers and vendors for their continuing confidence Thank you all for a great 33 years.kuris.
and support as we take Kohl’s to the next level.
Bill Kellogg
Larry Montgomery Kevin Mansell Arlene Meier Chairman of the Board
Chief Executive Officer President Chief Operating Officer
7. more expansion
Expansion Kohl’s Targets the Northeast
Strategy The opening of 35 stores in the tri-state market of New York, New Jersey
and Connecticut in 2000 was highly successful, with results that substantially
Kohl’s objective is to be a national
exceeded our initial projections. With this strong start, Kohl’s has captured
retailer. Our approach is very
a solid share of one of the most attractive retail markets in the country.
deliberate, expanding step-by-step
Building on this base, we will expand into the Hartford/New Haven market
into contiguous states and filling in
in 2001 and make a major entry into New England in 2002. Our New
existing markets. We enter major
England entry will be through the acquisition of 12 former Bradlees stores
new markets with a critical mass of
in the Boston market and three stores in New Jersey, which we will remodel
stores that enables us to establish a
and reconfigure to the Kohl’s prototype. The acquisition provides an excellent
presence and leverage marketing,
opportunity to bring the Kohl’s shopping experience to customers in this
regional management and distribution major Northeast metropolitan area.
expenses. Once established, we add
We will support our Northeast expansion with a new distribution center
additional stores to further strengthen
in New York state. Opening at the end of this year, the new center will have
our market share.
the capacity to serve up to 100 stores.
Many of Kohl’s stores are located in
New Stores in Atlanta and Arkansas
the growing suburban areas of large
metropolitan markets, close to the In spring 2001, we opened 34 stores, including our entry into the fast-
growing Atlanta market with 15 stores. As a major population center,
neighborhoods where our customers
Atlanta has the ideal demographics for Kohl’s. We also entered Arkansas
live and work. In developing new
for the first time with three stores, further strengthening our presence in
stores, we generally focus on
the South Central United States.
free-standing locations or power
strip malls that provide the visibility,
parking and ease of entry that our
customers prefer.
Kohl’s entered the
fast-growing Atlanta
market in spring 2001.
4 Ko h l ’s C o r p o r a t i o n
8. more neighborhoods
coast to coast
Expansion Plans
Over the next three years, Kohl’s expansion plans will move
the company from a regional retailer to a national chain, with
stores from coast to coast.
We carefully research new markets to be certain we can be
successful in both merchandising and operations. When we
enter a new market, new store openings are preceded by an
aggressive marketing program that positions Kohl’s as a brand,
drives sales through highly promotional events, and supports
these activities with extensive television, radio and print
advertising. These highly effective targeted marketing activities
have proven to be instrumental in quickly achieving the
performance objectives of new stores.
Growth in South Central States
In fall 2001, Kohl’s will enter the new markets of El Paso and
Austin, Texas, and Oklahoma City, Oklahoma. We will enter
Houston with a major presence in 2002. In addition to expand-
ing into new regions, we will continue to fill in existing markets
including the Midwest and Mid-Atlantic regions.
Moving Westward
Looking ahead, we plan to begin a major expansion into the
Southwest, beginning with our entry into the Los Angeles
market in 2003. We plan to build on this base with additional
entries in Southern California, Arizona and Nevada in 2003
and 2004. Plans are also underway for a sixth distribution
center to support this growth. Our coast-to-coast presence will
put Kohl’s on the map as a major national retailer.
5 Ko h l ’s C o r p o r a t i o n
9.
10. Existing States
2000 Expansion States
2001 Expansion States
Future Expansion States
Store Locations
H Major Market Expansion
Ko h l ’s C o r p o r a t i o n 7
11. The Brands Customers Want
When you look at the many attributes that make Kohl’s
popular with customers, brand names are at the top of
the list. With national brands accounting for the majority
of our merchandise, customers know they can find the
brand names they want, in today’s popular styles and colors.
In 2000, we strengthened our merchandise mix with two
major new brands. The Arrow line of men’s dress and
sport shirts, as well as casual pants, was introduced in
spring and is now available in every store. The well-known
Customers count on Kohl’s for popular Columbia brand of outerwear and sportswear for both
brand-name merchandise.
men and women was a hit with customers from its introduction in spring to
its expansion into kids in the fall. In 2001, the Columbia brand will be included
in almost every major apparel and accessory classification throughout the
The Kohl’s Promise store. Kohl’s own Sonoma and Croft & Barrow brands complement our
brand-name merchandise in many departments throughout the store.
As we continue to grow and expand into
new markets, we are building Kohl’s
Wide Selection of Colors and Sizes
identity as a leading national retailer.
Not only do customers want brand names, they also want them in a
The Kohl’s brand is our promise to our
variety of sizes and colors, all in stock. Kohl’s sophisticated merchandise
customer. The promise of a better management program ensures that our customers find the sizes and colors
they need in the style they want. Because our merchandise selection varies
shopping experience. The assurance that
by geographic area, seasonal items are in the stores in anticipation of
her trip will be successful because we
customer needs. And whether it’s basic apparel or home merchandise,
have the brands she wants in the colors
key items are prominently displayed for added convenience.
and sizes she needs, all in stock. The
promise that we will deliver more quality,
Extra Services Make a Difference
national brands, deep selection, value and
For busy Kohl’s shoppers, the extras make a difference. Kohl’s gift cards are
convenience, with less effort, time and perfect for birthdays, anniversaries or that person who has everything. Gift
receipts make returns and exchanges fast and easy. Our gift registry helps
hassle for her.
newlyweds in furnishing their first home and provides shopping ideas for
other special events.
Kohl’s strong credit card program enables customers to track their purchases
and provides extra benefits such as advance notice of major sales and
additional savings during eight special events each year. Our “Most Valued
Customer” (MVC) program continues to grow, further expanding our base
of loyal customers.
8 Ko h l ’s C o r p o r a t i o n
12. more brands and value Kohl’s focuses on women shopping
for themselves and their families.
Popular National
Brand Names
What differentiates Kohl’s from
many of its competitors is our
emphasis on brand-name
merchandise. From well-known
women’s apparel lines to popular
athletic shoes, quality cookware
and home goods, Kohl’s has the
brands our customers want.
Ko h l ’s C o r p o r a t i o n 9
13. Centralized check-out gets busy
customers quickly on their way.
Focusing on
Customer Needs
What does convenience really mean to a
Kohl’s customer? It means we’ve helped
to make her shopping a lot more efficient
and her life a little easier. It means she
can find the brand names and selection
she wants in a pleasant shopping
environment close to home. It means
she has more time to spend on her family,
herself, or her community. Now, that’s
more like it!
Wide aisles and stroller
carts enhance the Kohl’s
shopping experience.
10 Ko h l ’s C o r p o r a t i o n
14. more convenience
A Pleasant Shopping
Experience
Our market research and customer feedback
confirms what we’ve always known: customers
love the convenience of Kohl’s. That’s why
we’re continually looking at new ways to make
the Kohl’s shopping experience even better.
Why Customers Shop Kohl’s
At Kohl’s, convenience begins before the
customer enters the store, with a neighborhood
location close to home. Ample, well-lit parking and
an easily accessible entry make customers feel
welcome. Inside the store, carts that double as
strollers make it easy to select a variety of quality
brand-name merchandise from different departments.
Wide aisles and a functional store layout help
customers to quickly locate the departments and
Key items are prominently displayed
merchandise they’re looking for. Friendly, helpful Associates and clean, for easy shopping.
accessible fitting rooms further enhance the shopping experience.
Fast, centralized check-out gets customers on their way, and when a size
or color isn’t right, our no hassle return policy ensures a smooth
Key Items
exchange or refund.
Drive Traffic
Customers frequently plan their shopping trip around ideas found in our
newspaper inserts. The inserts, along with our television and radio advertising,
Merchandising is an important aspect of
provide an exciting overview of our featured merchandise and special
promotions. With all advertising centered around our “That’s more convenience at Kohl’s. Customers count
like it” positioning, customers know Kohl’s is a unique experience. on us to always have an ample selection
of key items such as shirts, denim and
E-Commerce Adds Convenience
khakis. Traffic for these key items, which
In 2001, Kohl’s will introduce on-line shopping on our existing Web site:
comprise about 10 percent of our
www.kohls.com. Designed as an added service for customers who prefer to
shop from their homes, the Web site will offer popular key items and best- merchandise selection, is driven by our
selling family apparel and home merchandise. The site is designed to provide
newspaper inserts and other advertising.
an easy-to-navigate on-line shopping environment that complements the
Targeted for shoppers in a hurry, the key
company’s in-store focus on convenience. An added benefit for Kohl’s on-line
shoppers is the ability to easily return or exchange items at any Kohl’s store. items are prominently displayed with
attention-getting signage.
The site will be fully integrated into other marketing activities, including
our weekly newspaper inserts and advertising. Staffing will be similar to
a new market entry, blending outside people who have e-commerce expertise
with Kohl’s Associates who understand our philosophy and culture.
Ko h l ’s C o r p o r a t i o n 11
15. more community
involvement
Kohl’s Cares for Kids ®
Kohl’s expanded its commitment to community
involvement and kids with the nationwide launch of
its “Kohl’s Cares for Kids” program in 2000. As an
Kohl’s Associates Becky England and
extension of the company’s focus on families, the
Wyndell Bitner worked on holiday art
multi-faceted program is designed to improve the lives
projects with patients at the Carol Jo
Vecchie Women and Children’s Center of children in the communities Kohl’s serves.
at St. John’s Children’s Hospital in
Springfield, Missouri.
Supporting Children’s Hospitals This program features special seasonal
merchandise, with all profits being donated to children’s hospitals in Kohl’s
local communities. More than 1.3 million items were purchased through
these promotions in fall and holiday 2000.
Associate
Fundraising Gift Cards A second component of “Kohl’s Cares
Volunteer Program for Kids” is a fundraising card program. Schools and
Building on Kohl’s commitment to non-profit youth organizations sell special “Kohl’s Cares
for Kids” gift cards, with up to five percent of the total
Associates and their communities, the
purchase price going back to the community youth
company’s new Associate Volunteer
organization.
Program encourages Associates to
“Kohl’s Kids Who Care™” Knowing that kids, too, have an
volunteer as teams to support local
important role in making their communities a better place, the
non-profit organizations that enrich the “Kohl’s Kids Who Care” program recognizes and rewards kids who
contribute to their communities in special ways. Customers can nominate a
lives of children in their communities. In
special kid for recognition and awards, ranging from a $50 gift card for
addition to the volunteer time contributed
store-level winners to post-secondary education scholarships for regional
by Associates, the organizations also
and national winners.
receive a matching grant from Kohl’s.
Kohl’s focus on kids includes
working with local children’s
centers. Enjoying a recent
visit to a center are Associates
(from left) Lisa Loewus,
Robert Patterson, Sue Schwenk
and Sheila Schultz.
12 Ko h l ’s C o r p o r a t i o n
16. more opportunities
for associates
A Great Place to Grow
Because Kohl’s Associates are so important to our success, we strive to
provide a work environment that encourages them to stay and grow with
the company. In 2000, over 70 percent of our management trainees were
from within the company. Our college recruitment program now includes
over 45 colleges and universities.
Kohl’s Core Values
Kohl’s training programs also provide opportunities for growth. In 2000, over As Kohl’s continues to grow in size and
40,000 Associates participated in these programs. As a result of our fast-paced scope, management recognized the need
growth, we have focused on further developing our management teams and to formalize the core values that commu-
nicate the company’s goals and priorities
preparing executives and Associates to efficiently open new stores in new markets.
to all of our Associates across a broad
geographic base. Kohl’s ideals are
Commitment to Associates encompassed in three basic values:
Kohl’s is committed to sharing its success with all Associates, both full-
Associates - Our Associates are our
and part-time. Our benefit programs provide opportunities to share financial
partners in the success of the company.
rewards as well as offer added security and personal convenience.
Customers - We always want to ensure
convenience, brand names and value.
In 2000, we introduced a new medical flexible spending account to help
Performance - Driving the top line and
Associates reduce their medical expenses. We also implemented a low cost
managing expenses produces exceptional
medical insurance program for part-time Associates in recognition of their
results.
significant contribution to our success. And our Associate scholarship program
will award more than 40 scholarships for the 2001-2002 school year. The three values, which are equal in
importance, have been, and will continue
Kohl’s Employee Stock Ownership Plan (ESOP) continues to to be, the drivers behind Kohl’s success.
be one of our most significant benefits. The ESOP, which was
started in 1992, is now valued at over $100 million, underscoring
the fact that at Kohl’s, our Associates truly do make a difference.
Training Programs
Help Build Careers
With our fast-paced expansion, Kohl’s is a great place for people
who want to gain experience and advance their career. As part
of the Kohl’s team, our Associates have opportunities to grow
both personally and professionally.
We continue to invest in computer-based training, adding to
Computer-based training
programs focusing on customer service, productivity and
enables Associates to participate
execution of our best practices. Computer-based training
in classes or work on their own at
programs have also been introduced at the executive levels, a time that meets their needs.
giving managers rapid access to training as they need it.
Ko h l ’s C o r p o r a t i o n 13
17. financial highlights
Fiscal Year 2000 1999 1998 1997 1996 1995 1994 1993 1992
Summary of Operations (In millions)
Net sales $ 6,152 $ 4,557 $ 3,682 $ 3,060 $ 2,388 $ 1,926 $ 1,554 $ 1,306 $ 1,097
Gross margin 2,096 1,543 1,235 1,014 780 631 516 437 374
Selling, general & administrative expenses 1,282 975 810 679 536 436 357 306 269
Non-recurring charges - - - - - 14(b) - - 18 (a)
Preopening expenses 35 31 16 19 10 11 8 5 3
Depreciation and amortization 127 89 70 57 44 34 27 23 20
Operating income 651 `448 338 259 189 136 (b) 124 102 65 (a)
Interest expense, net 46 27 21 24 18 13 6 6 14
Income before income taxes 605 421 317 235 171 123 118 97 50 (a)
Income before extraordinary items 372 258 192 141 103 73 (b) 69 56 29 (a)
Diluted Earnings Per Share (c)
Income before extraordinary items 1.10 .77 .59 .45 .34 .24 (b) .23 .19 .11 (a)
Financial Position Data (Dollars in millions)
Working capital $ 1,199 $ 732 $ 559 $ 525 $ 229 $ 175 $ 115 $ 87 $ 106
Property and equipment, net 1,727 1,353 933 750 596 409 299 187 141
Total assets 3,855 2,931 1,936 1,620 1,123 805 659 469 445
Long-term debt 803 495 311 310 312 188 109 52 95
Shareholders’ equity 2,203 1,686 1,163 955 518 411 334 263 207
Return on average shareholders’ equity 19.1 % 18.1% 18.2 % 19.2 % 22.1 % 21.7% 23.0 % 23.7 % n/a
Other Data
Comparable store sales growth 9.0 % 7.9 % 7.9 % 10.0 % 11.3 % 5.9 % 6.1 % 8.3 % 10.5 %
Net sales per selling square foot $ 281 $ 270 $ 265 $ 267 $ 261 $ 257 $ 258 $ 255 $ 239
Gross margin (percentage of net sales) 34.1 % 33.9 % 33.5 % 33.1 % 32.7 % 32.8 % 33.2 % 33.5 % 34.1 %
SG&A (percentage of net sales) 20.8 % 21.4 % 22.0 % 22.2 % 22.4 % 22.6 % 23.0 % 23.4 % 24.5 %
Stores open at year end 320 259 213 182 150 128 108 90 79
Total square feet of selling space (In thousands) 23,610 18,757 15,111 12,533 10,064 8,378 6,824 5,523 4,771
Market price (c): High $ 72.20 $ 40.63 $ 33.88 $ 18.84 $ 10.50 $ 7.28 $ 6.91 $ 6.52 $ 4.36
Low 34.06 30.75 17.03 9.72 6.69 5.00 4.75 3.88 1.66
(a) The year ended January 30, 1993, includes a non-recurring incentive compensation charge of $17.7 million ($10.6 million after-tax) or $.04 per share.
(b) The year ended February 3, 1996, includes a non-recurring credit operations charge of $14.1 million ($8.3 million after-tax) or $.03 per share.
(c) Adjusted for stock splits in 1996, 1998 and 2000.
Forward-Looking Statements
Certain statements made within this report are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such
as ”plans”, “believes”, “expects”, “may”, “will”, ”should”, or “anticipates” or the negative thereof or other variations thereon. Such statements are subject to certain risks and uncertainties which could cause Kohl’s actual results to differ materially
from those anticipated by the forward-looking statements. These factors include, but are not limited to: competition, fluctuations in consumer demand, seasonal business trends, economic conditions, government activities and other factors as may
periodically be described in Kohl’s filings with the Securities and Exchange Commission.
14 Ko h l ’s C o r p o r a t i o n
18. corporate information
Directors
Corporate Headquarters
Kohl’s Corporation Jay H. Baker—Retired President,
651
N56 W17000 Ridgewood Drive
Kohl’s Corporation
Menomonee Falls, Wisconsin 53051-5660
Wayne Embry—Consultant to the Cleveland
(262) 703-7000
Cavaliers (a) (c)
Web site: www.kohls.com
36.2% 448
James D. Ericson—President and Chief
CAGR*
Transfer Agent and Registrar Executive Officer, Northwestern Mutual
The Bank of New York
338
Life Insurance Company (b) (c)
Shareholder Relations Dept. 11-E
29.6% 259
John F. Herma—Retired Chief Operating
CAGR* P.O. Box 11258
Church Street Station Officer, Kohl’s Corporation
189
New York, New York 10286
150
William S. Kellogg—Chairman of the Board,
124
(800) 524-4458
102
82
Kohl’s Corporation (c)
Annual Meeting Kevin Mansell—President, Kohl’s Corporation
92 93 94 95 96 97 98 99 00
The 2001 Kohl’s Annual Meeting of Arlene Meier—Chief Operating Officer,
Operating Income(1) (In millions of dollars) Shareholders will be held on Thursday,
Kohl’s Corporation
May 31, at 10:00 a.m. at the Four Points
R. Lawrence Montgomery—Chief Executive
Sheraton Hotel, Milwaukee, Wisconsin.
Officer, Kohl’s Corporation
Investor Information/
372
Frank V. Sica—Managing Director,
Quarterly Reports Soros Fund Management LLC (a) (b) (c)
For quarterly earnings reports and other
Herbert Simon—Co-Chairman, Simon Property
investor information, please visit our
Group, Inc. and Melvin Simon &
web site at www.kohls.com or direct your
38.2% 258
CAGR* inquiries to the company, Attention: Associates (b)
Shareholder Relations.
Peter M. Sommerhauser—Shareholder in
192
the law firm of Godfrey & Kahn, S.C.
Form 10-K
32.6%
CAGR* 141
R. Elton White—Retired President, NCR
Parts I–III of Kohl’s Annual Report on
Form 10-K, as filed with the Securities and
102
Corporation (a) (c)
Exchange Commission, are included with
81
69
56
this report for all shareholders.
Executive Officers
39
John J. Lesko—Executive Vice President-
Common Stock
92 93 94 95 96 97 98 99 00
Administration
Kohl’s common stock is listed on the New
Net Income(1) (In millions of dollars)
York Stock Exchange under the symbol KSS. Rick Leto—Executive Vice President-
General Merchandise Manager and
Common Stock Price Range Product Development
Fiscal 2000 High Low
320
Kevin Mansell—President
First Quarter $ 54.78 $ 34.06
Arlene Meier—Chief Operating Officer
Second Quarter 66.50 44.00
Third Quarter 64.75 49.06 R. Lawrence Montgomery—Chief Executive
259
Fourth Quarter 72.20 48.44
Officer
20.9% 213
CAGR*
Jack E. Moore, Jr.—Executive Vice President-
Fiscal 1999 High Low
182
General Merchandise Manager
First Quarter $ 39.00 $ 31.38
Second Quarter 40.63 31.75
150
Don Sharpin—Executive Vice President-
19.1% 128
Third Quarter 39.97 30.75
CAGR*
Human Resources
108
Fourth Quarter 39.22 31.47
Gary Vasques—Executive Vice President-
90
79
Marketing
Shareholders
As of March 19, 2001, there were 6,128
holders of record of Kohl’s common stock. (a) Audit Committee
92 93 94 95 96 97 98 99 00
(b) Compensation and Stock Option Committee
(c) Nominating Committee
Stores Open at Year End
Ko h l ’s C o r p o r a t i o n 15
* Compounded annual growth rate
(1) Excludes non-recurring charges and extraordinary items.