Kohl’s Reports Third Quarter Fiscal 2020 Financial Results

*Third quarter sales and earnings exceed company expectations, with significant improvement from the second quarter
*Strengthened financial position during the quarter by fully repaying revolver and ending with $1.9 billion in cash
*Strong operating cash flow year-to-date of $910 million
*Third quarter comparable sales decrease 13.3%
*Third quarter loss per share of ($0.08); adjusted diluted earnings per share(2) of $0.01

Kohl’s Corporation (NYSE:KSS) today reported results for the quarter ended October 31, 2020.

“I continue to be very proud of how our organization is navigating through the COVID-19 pandemic. Our third quarter results exceeded our expectations with significant sequential sales and profitability improvement. Digital sales growth remained strong and our actions to improve our gross margin showed great progress. We also further strengthened our financial position and fully repaid our revolver during the period, which underscores the solid cash flow generation of our business,” said Michelle Gass, Kohl’s chief executive officer.

“We entered the holiday season well-positioned and prepared to serve our customers with more omnichannel conveniences in place to deliver the great experience they always expect from Kohl’s. As we look ahead, we are incredibly focused on executing against our new strategic framework, which represents our greatest opportunity to drive long-term sales and profit growth and create shareholder value in the coming years,” said Gass. “In addition, through disciplined capital management we plan to reinstate a dividend during the first half of 2021.”
details at: https://investors.kohls.com/news-releases/news-details/2020/Kohls-Reports-Third-Quarter-Fiscal-2020-Financial-Results/default.aspx

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