Department store chain Kohl’s Corp. said Tuesday it will 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 earlier this month by the Securities and Exchange Commission.
The Menomonee Falls, Wis., retailer said the restatement will decrease net earnings by about 3 cents per share for fiscal 1998, 1 cent for fiscal 1999, 2 cents for fiscal 2000, 2 cents for each of fiscal 2001 and fiscal 2002, 3 cents for fiscal 2003 and 3 cents for the first three quarters of fiscal 2004. Kohl’s said it had believed its audited financial statements were appropriate under generally accepted accounting principles.