Kohl’s Reports Fourth Quarter and Full Year Fiscal 2021 Financial Results

*Fourth quarter diluted earnings per share of $2.20 exceeds expectations
*Record full year 2021 adjusted diluted earnings per share of $7.33, eclipsing previous high of $5.60 in 2018
*Repurchased $548 million of shares in the quarter and $1.355 billion of shares in 2021
*Expects full year 2022 net sales to increase 2% to 3% as compared to 2021, operating margin to be in the range of 7.2% to 7.5% and earnings per share to be in the range of $7.00 to $7.50
*Increasing the quarterly dividend by 100%, which equates to an annual dividend of $2.00 per share, and planning to repurchase at least $1.0 billion in shares in 2022, of which $500 million is expected to be repurchased through open market transactions or an accelerated share repurchase (ASR) program executed in Q2 2022

“In 2021, we delivered all-time record earnings per share, significantly ahead of our expectations. Our operating margin of 8.6% exceeded our 2023 goal two years ahead of plan, a direct result of our efforts to restructure the business to be more profitable. We remain extremely confident in the future growth and cash flow generation of our business, and in 2022 will build on our momentum as we further scale key initiatives such as Sephora,” said Michelle Gass, Kohl’s chief executive officer.

“We continue to see a lot of value in our company. We are reinforcing our commitment to driving shareholder value by doubling our dividend and planning on repurchasing at least $1.0 billion in shares in 2022. We look forward to sharing more details on our strategy and key initiatives, as well as our financial and capital allocation plans at our Investor Day event on March 7, 2022,” said Gass.
details at: https://investors.kohls.com/news-releases/news-details/2022/Kohls-Reports-Fourth-Quarter-and-Full-Year-Fiscal-2021-Financial-Results/default.aspx

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