March 1, 2023— Kohl’s Corporation (NYSE:KSS) today reported results for the quarter and year ended January 28, 2023.
Kohl’s Corporation (NYSE:KSS) reported a fiscal Q4 adjusted loss of $2.49 per diluted share, Analysts polled by Capital IQ forecast normalized earnings of $0.97 per share.
Net sales for the quarter ended Jan. 28 were $5.78 billion, Analysts surveyed by Capital IQ projected $6.03 billion.
The department store chain operator’s Q4 comparable sales fell 6.6%. Analysts polled by Capital IQ expected a year-over-year decrease of 4.1%.
Kohl’s said it expects fiscal 2023 earnings, excluding non-recurring charges, of $2.10 to $2.70 per share. Analysts polled by Capital IQ are expecting normalized earnings of $2.99 per share.
Net sales for the year are expected to fall 2% to 4%, the company said. Analysts polled by Capital IQ are looking for net sales of $17.54 billion.
Fourth Quarter 2022 Results
Net sales decreased 7.2% year-over-year, to $5.8 billion, with comparable sales down 6.6%.
Gross margin as a percentage of net sales was 23.0%, a decrease of 1,016 basis points. Clearance markdowns impacted margin by approximately 750 basis points and product cost inflation impacted margin by approximately 200 bps.
Inventory was $3.2 billion, an increase of 4% year-over-year.
Fiscal Year 2022 Results
Net sales decreased 7.1% year-over-year, to $17.2 billion, with comparable sales down 6.6%.
Gross margin as a percentage of net sales was 33.2%, a decrease of 485 basis points.
Operating cash flow was $282 million.
2023 Business Outlook
Net sales: A decrease of (2%) to (4%), includes the impact of the 53rd week which is worth approximately 1% year-over-year.
Operating margin: Approximately 4.0%.
Diluted earnings per share: In the range of $2.10 to $2.70, excluding any non-recurring charges.
Capital Expenditures: $600 million to $650 million, including expansion of its Sephora partnership and store refresh activity.
Dividend: On February 21, 2023, Kohl’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.50 per share.
KOHL’S CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
About Kohl’s
Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of Kohls.com and the Kohl’s App, Kohl’s offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl’s is uniquely positioned to deliver against its strategy and its vision to be the most trusted retailer of choice for the active and casual lifestyle. Kohl’s is committed to progress in its diversity and inclusion pledges, and the company’s environmental, social, and corporate governance (ESG) stewardship. 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 or follow @KohlsNews on Twitter.