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    Kohl's Reports Third Quarter Fiscal 2023 Financial Results

    11/21/23 7:00:00 AM ET
    $KSS
    Department/Specialty Retail Stores
    Consumer Discretionary
    Get the next $KSS alert in real time by email

    Kohl's Corporation (NYSE:KSS) today reported results for the third quarter ended October 28, 2023.

    • Net sales decreased 5.2% and comparable sales decreased 5.5%
    • Diluted earnings per share of $0.53
    • Inventory declined 13%
    • Updates full year 2023 diluted earnings per share guidance to $2.30 to $2.70
    • Remains committed to strengthening balance sheet and to maintaining current dividend

    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

    • Net sales decreased 5.2% year-over-year, to $3.8 billion, with comparable sales down 5.5%.
    • Gross margin as a percentage of net sales was 38.9%, an increase of 158 basis points.
    • Selling, general & administrative (SG&A) expenses increased 1.9% year-over-year, to $1.4 billion. As a percentage of total revenue, SG&A expenses were 33.5%, an increase of 235 basis points year-over-year.
    • Operating income was $157 million compared to $200 million in the prior year. As a percentage of total revenue, operating income was 3.9%, a decrease of 82 basis points year-over-year.
    • Net income was $59 million, or $0.53 per diluted share. This compares to net income of $97 million, or $0.82 per diluted share in the prior year.
    • Inventory was $4.2 billion, a decrease of 13% year-over-year.
    • Operating cash flow was $151 million.

    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

    • Net sales decreased 4.5% year-over-year, to $10.9 billion, with comparable sales down 5.0%.
    • Gross margin as a percentage of net sales was 39.0%, an increase of 56 basis points.
    • Selling, general & administrative (SG&A) expenses decreased 0.2% year-over-year, to $3.9 billion. As a percentage of total revenue, SG&A expenses were 33.9%, an increase of 150 basis points year-over-year.
    • Operating income was $418 million compared to $548 million in the prior year. As a percentage of total revenue, operating income was 3.6%, a decrease of 91 basis points year-over-year.
    • Net income was $131 million, or $1.18 per diluted share. This compares to net income of $254 million, or $2.02 per diluted share in the prior year.
    • Operating cash flow was $379 million.

    2023 Financial and Capital Allocation Outlook

    For the full year 2023, the Company updates its financial outlook and currently expects the following:

    • Net sales: A decrease of (2.8%) to (4%), includes the impact of the 53rd week which is worth approximately 1% year-over-year. This compares to the Company's prior guidance of a decrease of (2%) to (4%).
    • Operating margin: Approximately 4.0%, which is consistent with the Company's prior guidance.
    • Diluted earnings per share: In the range of $2.30 to $2.70, excluding any non-recurring charges. This compares to the Company's prior guidance range of $2.10 to $2.70.
    • Capital Expenditures: Towards the lower end of $600 million to $650 million, including expansion of its Sephora partnership and store refresh activity.
    • Dividend: On November 7, 2023, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.50 per share. The dividend is payable December 20, 2023 to shareholders of record at the close of business on December 6, 2023.

    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/

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