*First quarter net sales and earnings exceed expectations and company raises full year 2021 financial outlook
*First quarter net sales increase 69.5%
*First quarter diluted earnings per share of $0.09; adjusted diluted earnings per share(2) of $1.05
*Strengthened financial position during the quarter, reducing long-term debt by over $500 million and ending with $1.6 billion in cash
*Raises full year 2021 net sales to increase in the mid-to-high teens percentage range as compared to 2020, operating margin to be in the range of 5.7% to 6.1% and adjusted earnings per share to be in the range of $3.80 to $4.20, excluding any non-recurring charges
“We are very pleased with our strong start to 2021 with both sales and earnings materially exceeding expectations. Along with a favorable consumer spending backdrop, we continue to see our key strategic initiatives gain traction and resonate with customers. We saw momentum build through the quarter, especially in our stores where we continue to elevate the experience. We are eagerly preparing for the upcoming launch of our Sephora partnership as well as the introduction of several new exciting brands this fall,” said Michelle Gass, Kohl’s chief executive officer.
“We are positioned to capitalize on growth opportunities during the balance of 2021 and remain firmly on track to achieving our 2023 strategic goals. Based on our first quarter results, we are raising our full year 2021 guidance,” said Gass.