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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 | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.89% | 21.65 | 12,213 | 13:07:38 |
Kohl’s Corporation (NYSE:KSS) today reported results for the third quarter ended October 28, 2023.
Tom Kingsbury, Kohl’s chief executive officer, said “Kohl’s third quarter earnings reflect strong gross margin and expense management as well as additional progress against our strategic priorities. I am pleased with our store performance driven by strong growth in Sephora and the newness in our home and gifting initiatives. This reinforces our actions are working and resonating with our customers. In addition, we drove a 13% reduction in inventory as we benefited from our new disciplines.”
“Our strategies to reposition Kohl’s for improved sales and earnings performance remain in the early stages. The work we have done in 2023 will continue to build momentum and set us up to be successful in 2024. I continue to be impressed with the entire Kohl’s team for their hard work and agility in executing against our strategic priorities in 2023,” Kingsbury continued.
Third Quarter 2023 Results
Comparisons refer to the 13-week period ended October 28, 2023 versus the 13-week period ended October 29, 2022
Nine Months Fiscal Year 2023 Results
Comparisons refer to the 39-week period ended October 28, 2023 versus the 39-week period ended October 29, 2022
2023 Financial and Capital Allocation Outlook
For the full year 2023, the Company updates its financial outlook and currently expects the following:
Third Quarter 2023 Earnings Conference Call
Kohl’s will host its quarterly earnings conference call at 9:00 am ET on November 21, 2023. 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 “2023 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
Nine Months Ended
(Dollars in Millions, Except per Share Data)
October 28, 2023
October 29, 2022
October 28, 2023
October 29, 2022
Net sales
$ 3,843
$ 4,052
$ 10,876
$ 11,386
Other revenue
211
225
644
693
Total revenue
4,054
4,277
11,520
12,079
Cost of merchandise sold
2,349
2,541
6,638
7,013
Gross margin rate
38.9%
37.3%
39.0%
38.4%
Operating expenses:
Selling, general, and administrative
1,360
1,334
3,902
3,910
As a percent of total revenue
33.5%
31.2%
33.9%
32.4%
Depreciation and amortization
188
202
562
608
Operating income
157
200
418
548
Interest expense, net
89
81
262
226
Income before income taxes
68
119
156
322
Provision for income taxes
9
22
25
68
Net income
$ 59
$ 97
$ 131
$ 254
Average number of shares:
Basic
110
118
110
124
Diluted
111
119
111
126
Earnings per share:
Basic
$ 0.54
$ 0.82
$ 1.19
$ 2.05
Diluted
$ 0.53
$ 0.82
$ 1.18
$ 2.02
KOHL’S CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Millions)
October 28, 2023
October 29, 2022
Assets
Current assets:
Cash and cash equivalents
$ 190
$ 194
Merchandise inventories
4,239
4,874
Other
291
366
Total current assets
4,720
5,434
Property and equipment, net
7,861
8,117
Operating leases
2,492
2,318
Other assets
394
365
Total assets
$ 15,467
$ 16,234
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$ 1,918
$ 2,014
Accrued liabilities
1,324
1,436
Borrowings under revolving credit facility
625
668
Current portion of:
Long-term debt
111
164
Finance leases and financing obligations
84
95
Operating leases
94
109
Total current liabilities
4,156
4,486
Long-term debt
1,638
1,747
Finance leases and financing obligations
2,714
2,791
Operating leases
2,780
2,595
Deferred income taxes
107
165
Other long-term liabilities
321
354
Shareholders’ equity:
3,751
4,096
Total liabilities and shareholders’ equity
$ 15,467
$ 16,234
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
(Dollars in Millions)
October 28, 2023
October 29, 2022
Operating activities
Net income
$ 131
$ 254
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
562
608
Share-based compensation
31
37
Deferred income taxes
(25)
(41)
Non-cash lease expense
70
81
Other non-cash items
13
12
Changes in operating assets and liabilities:
Merchandise inventories
(1,046)
(1,802)
Other current and long-term assets
66
102
Accounts payable
588
331
Accrued and other long-term liabilities
58
76
Operating lease liabilities
(69)
(83)
Net cash provided by (used in) operating activities
379
(425)
Investing activities
Acquisition of property and equipment
(495)
(733)
Proceeds from sale of real estate
15
31
Other
(11)
—
Net cash used in investing activities
(491)
(702)
Financing activities
Net borrowings under revolving credit facility
540
668
Treasury stock purchases
—
(658)
Shares withheld for taxes on vested restricted shares
(13)
(21)
Dividends paid
(165)
(184)
Repayment of long-term borrowings
(164)
—
Finance lease and financing obligation payments
(68)
(81)
Proceeds from financing obligations
19
9
Proceeds from stock option exercises
—
1
Net cash provided by (used in) financing activities
149
(266)
Net increase (decrease) in cash and cash equivalents
37
(1,393)
Cash and cash equivalents at beginning of period
153
1,587
Cash and cash equivalents at end of period
$ 190
$ 194
View source version on businesswire.com: https://www.businesswire.com/news/home/20231121490316/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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