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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kohls Corporation | NYSE:KSS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.03 | 0 | 01:00:00 |
Kohl’s Corporation (NYSE:KSS) today reported results for the first quarter ended May 4, 2024.
Tom Kingsbury, Kohl’s chief executive officer, said, “Our first quarter results did not meet our expectations and are not reflective of the direction we are heading with our strategic initiatives. Regular price sales increased year-over-year, with early success in underpenetrated categories, positive trends in our Women’s business, and continued strong growth in Sephora. However, lower clearance sales versus last year represented a more than 600 basis point drag on comparable sales. Importantly, we were able to deliver gross margin expansion, manage inventory down 13% and tightly control expenses in the quarter.”
“We continue to have high conviction in our strategy and believe that our key growth initiatives, including Sephora, home decor, gifting, impulse, and our upcoming partnership with Babies “R” Us, will contribute more meaningfully going forward. That said, we recognize we have more work to do in areas of our business. We are approaching our financial outlook for the year more conservatively given the first quarter underperformance and the ongoing uncertainty in the consumer environment,” Kingsbury continued.
First Quarter 2024 Results
Comparisons refer to the 13-week period ended May 4, 2024 versus the 13-week period ended April 29, 2023
Updated 2024 Financial and Capital Allocation Outlook
For the full year 2024, which has 52 weeks compared to 53 weeks in full year 2023, the Company’s guidance includes the potential impact from credit card late fee regulatory changes in the second half of 2024. The Company currently expects the following:
First Quarter 2024 Earnings Conference Call
Kohl’s will host its quarterly earnings conference call at 9:00 am ET on May 30, 2024. A webcast of the conference call and the related presentation materials will be available via the Company's web site at investors.kohls.com, both live and after the call.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions to identify forward-looking statements. Forward-looking statements include the information under “Updated 2024 Financial and Capital Allocation Outlook.” Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company’s Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC. Forward-looking statements relate to the date initially made, and the Company undertakes no obligation to update them.
About Kohl's
Kohl’s (NYSE: KSS) is a leading omnichannel retailer built on a foundation that combines great brands, incredible value and convenience for our customers. Kohl's serves millions of families in our more than 1,100 stores in 49 states, online at Kohls.com, and through our Kohl's App. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com.
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
(Dollars in Millions, Except per Share Data)
May 4, 2024
April 29, 2023
Net sales
$
3,178
$
3,355
Other revenue
204
216
Total revenue
3,382
3,571
Cost of merchandise sold
1,923
2,047
Gross margin rate
39.5
%
39.0
%
Operating expenses:
Selling, general, and administrative
1,228
1,238
As a percent of total revenue
36.3
%
34.7
%
Depreciation and amortization
188
188
Operating income
43
98
Interest expense, net
83
84
(Loss) income before income taxes
(40
)
14
(Benefit) provision for income taxes
(13
)
—
Net (loss) income
$
(27
)
$
14
Average number of shares:
Basic
111
110
Diluted
111
111
(Loss) earnings per share:
Basic
$
(0.24
)
$
0.13
Diluted
$
(0.24
)
$
0.13
KOHL’S CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Millions)
May 4, 2024
April 29, 2023
Assets
Current assets:
Cash and cash equivalents
$
228
$
286
Merchandise inventories
3,083
3,526
Other
345
347
Total current assets
3,656
4,159
Property and equipment, net
7,664
7,803
Operating leases
2,498
2,368
Other assets
460
380
Total assets
$
14,278
$
14,710
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$
1,220
$
1,310
Accrued liabilities
1,265
1,164
Borrowings under revolving credit facility
355
765
Current portion of:
Long-term debt
—
111
Finance leases and financing obligations
81
93
Operating leases
92
111
Total current liabilities
3,013
3,554
Long-term debt
1,638
1,637
Finance leases and financing obligations
2,651
2,710
Operating leases
2,783
2,634
Deferred income taxes
94
129
Other long-term liabilities
286
326
Shareholders’ equity:
3,813
3,720
Total liabilities and shareholders’ equity
$
14,278
$
14,710
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
(Dollars in Millions)
May 4, 2024
April 29, 2023
Operating activities
Net (loss) income
$
(27
)
$
14
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization
188
188
Share-based compensation
10
9
Deferred income taxes
(13
)
1
Non-cash lease expense
22
25
Other non-cash items
3
(4
)
Changes in operating assets and liabilities:
Merchandise inventories
(202
)
(336
)
Other current and long-term assets
(81
)
49
Accounts payable
86
(20
)
Accrued and other long-term liabilities
34
(101
)
Operating lease liabilities
(27
)
(27
)
Net cash used in operating activities
(7
)
(202
)
Investing activities
Acquisition of property and equipment
(126
)
(94
)
Proceeds from sale of real estate
—
1
Other
—
(1
)
Net cash used in investing activities
(126
)
(94
)
Financing activities
Net borrowings under revolving credit facility
263
680
Shares withheld for taxes on vested restricted shares
(9
)
(12
)
Dividends paid
(55
)
(55
)
Repayment of long-term borrowings
—
(164
)
Finance lease and financing obligation payments
(21
)
(25
)
Proceeds from financing obligations
—
5
Net cash provided by financing activities
178
429
Net increase in cash and cash equivalents
45
133
Cash and cash equivalents at beginning of period
183
153
Cash and cash equivalents at end of period
$
228
$
286
View source version on businesswire.com: https://www.businesswire.com/news/home/20240530628329/en/
Investor Relations: Mark Rupe, (262) 703-1266, mark.rupe@kohls.com
Media: Jen Johnson, (262) 703-5241, jen.johnson@kohls.com
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