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Kohl's to Restate Results Over Some Store Leases

February 23, 2005|From Associated Press

Department store chain Kohl's Corp. said it would restate its financial results starting with fiscal 1998 to reflect an accounting change related to some of its store leases.

The company said it would correct its lease accounting practices based on a clarification issued this month by the Securities and Exchange Commission.

Kohl's said the restatement would decrease net earnings by about 3 cents a share for fiscal 1998, 1 cent for fiscal 1999, 2 cents for fiscal 2000, 2 cents each for fiscal 2001 and 2002, 3 cents for fiscal 2003 and 3 cents for the first three quarters of fiscal 2004.

Kohl's shares fell 78 cents to $45.85 on the New York Stock Exchange.

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