financial overview
capital management
Dividends: In February 2011, Kohl's Board of Directors approved their first dividend. The 25 cent per share quarterly dividend reflects Kohl's Board’s confidence in their long-term cash flow. Kohl's currently expect to pay dividends on the last Wednesday of March, June, September and December to shareholders of record on the second Wednesday of these months. The payment of future dividends, if any, will be determined by the Board of Directors in light of existing business conditions, including our earnings, financial condition and requirements, restrictions in financing agreements and other factors deemed relevant by the Board of Directors.
Share Repurchases: Kohl's also has an active share repurchase plan. Between November 2010 and April 2011,they repurchased 27 million shares of their common stock. In February 2011, the Board of Directors increased the remaining share repurchase authorization under their existing share repurchase program by $2.6 billion, from $900 million to $3.5 billion. They began repurchasing shares under this program in open market transactions, subject to market conditions, in March 2011. Kohl's expect to complete the program by the end of Fiscal 2013.
Return on Gross Investment: Kohl's Return on Gross Investment (“ROI”) was 18.7% for 2010, 17.7% for 2009 and 16.9% for 2008. They define ROI as earnings before interest, taxes, depreciation, amortization and rent (“EBITDAR”) divided by average gross investment. Kohl's believes that ROI measures how effectively they utilize their assets, excluding cash equivalents and long-term investments, to generate earnings.
Share Repurchases: Kohl's also has an active share repurchase plan. Between November 2010 and April 2011,they repurchased 27 million shares of their common stock. In February 2011, the Board of Directors increased the remaining share repurchase authorization under their existing share repurchase program by $2.6 billion, from $900 million to $3.5 billion. They began repurchasing shares under this program in open market transactions, subject to market conditions, in March 2011. Kohl's expect to complete the program by the end of Fiscal 2013.
Return on Gross Investment: Kohl's Return on Gross Investment (“ROI”) was 18.7% for 2010, 17.7% for 2009 and 16.9% for 2008. They define ROI as earnings before interest, taxes, depreciation, amortization and rent (“EBITDAR”) divided by average gross investment. Kohl's believes that ROI measures how effectively they utilize their assets, excluding cash equivalents and long-term investments, to generate earnings.