We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-1.02 | -3.82% | 25.71 | 27.25 | 25.65 | 26.95 | 3,214,080 | 20:33:07 |
Kohl’s Corporation (NYSE:KSS) today reported results for the quarter and year ended February 3, 2024.
Tom Kingsbury, Kohl’s chief executive officer, said “2023 represented an important year for Kohl’s. We enhanced our store experience, expanded our partnership with Sephora, and invested in underpenetrated categories. We also simplified our value strategies and implemented new inventory management processes. The early success of our strategies is evident. Our store business had its best comparable sales performance since 2010, Sephora at Kohl’s continued to drive meaningful beauty sales growth, and we managed inventory down 10% at year end. I want to thank the broader Kohl’s team for driving significant change to reposition the company for future growth.”
“Looking ahead, we are incredibly focused on delivering comparable sales growth in 2024. Our strategic initiatives are positioned to build momentum and contribute more meaningfully, and we will partner with Babies “R” Us to meaningfully expand our presence in the baby gear category which represents a compelling white space opportunity for Kohl’s. Through our collective efforts Kohl’s is becoming more relevant to customers, which strengthens our conviction in our longer-term opportunity,” Kingsbury continued.
Fourth Quarter 2023 Results
Comparisons refer to the 14-week period ended February 3, 2024 versus the 13-week period ended January 28, 2023 unless noted otherwise
Fiscal Year 2023 Results
Comparisons refer to the 53-week period ended February 3, 2024 versus the 52-week period ended January 28, 2023 unless noted otherwise
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:
Fourth Quarter 2023 Earnings Conference Call
Kohl’s will host its quarterly earnings conference call at 9:00 am ET on March 12, 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 “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
Twelve Months Ended
(Dollars in Millions, Except per Share Data)
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Net sales
$
5,710
$
5,775
$
16,586
$
17,161
Other revenue
246
244
890
937
Total revenue
5,956
6,019
17,476
18,098
Cost of merchandise sold
3,860
4,444
10,498
11,457
Gross margin rate
32.4
%
23.0
%
36.7
%
33.2
%
Operating expenses:
Selling, general, and administrative
1,610
1,677
5,512
5,587
As a percent of total revenue
27.0
%
27.9
%
31.5
%
30.9
%
Depreciation and amortization
187
200
749
808
Operating income (loss)
299
(302
)
717
246
Interest expense, net
82
78
344
304
Income (Loss) before income taxes
217
(380
)
373
(58
)
Provision (Benefit) for income taxes
31
(107
)
56
(39
)
Net income (loss)
$
186
$
(273
)
$
317
$
(19
)
Average number of shares:
Basic
110
110
110
120
Diluted
111
110
111
120
Earnings (Loss) per share:
Basic
$
1.69
$
(2.49
)
$
2.88
$
(0.15
)
Diluted
$
1.67
$
(2.49
)
$
2.85
$
(0.15
)
KOHL’S CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Millions)
February 3, 2024
January 28, 2023
Assets
Current assets:
Cash and cash equivalents
$
183
$
153
Merchandise inventories
2,880
3,189
Other
347
394
Total current assets
3,410
3,736
Property and equipment, net
7,720
7,926
Operating leases
2,499
2,304
Other assets
380
379
Total assets
$
14,009
$
14,345
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$
1,134
$
1,330
Accrued liabilities
1,201
1,220
Borrowings under revolving credit facility
92
85
Current portion of:
Long-term debt
—
275
Finance leases and financing obligations
83
94
Operating leases
102
111
Total current liabilities
2,612
3,115
Long-term debt
1,638
1,637
Finance leases and financing obligations
2,680
2,786
Operating leases
2,781
2,578
Deferred income taxes
107
129
Other long-term liabilities
298
337
Shareholders’ equity:
3,893
3,763
Total liabilities and shareholders’ equity
$
14,009
$
14,345
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twelve Months Ended
(Dollars in Millions)
February 3, 2024
January 28, 2023
Operating activities
Net income (loss)
$
317
$
(19
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
749
808
Share-based compensation
42
30
Deferred income taxes
(8
)
(84
)
Non-cash lease expense
92
106
Other non-cash items
6
30
Changes in operating assets and liabilities:
Merchandise inventories
315
(116
)
Other current and long-term assets
11
87
Accounts payable
(196
)
(353
)
Accrued and other long-term liabilities
(67
)
(99
)
Operating lease liabilities
(93
)
(108
)
Net cash provided by operating activities
1,168
282
Investing activities
Acquisition of property and equipment
(577
)
(826
)
Proceeds from sale of real estate
26
43
Other
(11
)
—
Net cash used in investing activities
(562
)
(783
)
Financing activities
Net borrowings under revolving credit facility
7
85
Deferred financing costs
—
(6
)
Treasury stock purchases
—
(658
)
Shares withheld for taxes on vested restricted shares
(16
)
(21
)
Dividends paid
(220
)
(239
)
Repayment of long-term borrowings
(275
)
—
Finance lease and financing obligation payments
(93
)
(106
)
Proceeds from financing obligations
21
11
Proceeds from stock option exercises
—
1
Net cash used in financing activities
(576
)
(933
)
Net increase (decrease) in cash and cash equivalents
30
(1,434
)
Cash and cash equivalents at beginning of period
153
1,587
Cash and cash equivalents at end of period
$
183
$
153
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312215447/en/
Investor Relations: Mark Rupe, (262) 703-1266, mark.rupe@kohls.com
Media: Jen Johnson, (262) 703-5241, jen.johnson@kohls.com
1 Year Kohls Chart |
1 Month Kohls Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions