Kohl’s Reports Third Quarter Fiscal 2023 Financial Results

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.
    more at: https://investors.kohls.com/news-releases/news-details/2023/Kohls-Reports-Third-Quarter-Fiscal-2023-Financial-Results/default.aspx
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