\nKohl\u2019s Corporation (NYSE:KSS) today reported results for the first quarter ended April 29, 2023.<\/p>\n
- \n
- Net sales decreased 3.3% and comparable sales decreased 4.3%<\/b><\/li>\n
- Gross margin increased 67 basis points<\/b><\/li>\n
- Diluted earnings per share of $0.13<\/b><\/li>\n
- Inventory declined 6%<\/b><\/li>\n
- Affirms full year 2023 financial outlook<\/b><\/li>\n
- Remains committed to strengthening balance sheet and to maintaining current dividend<\/b><\/li>\n<\/ul>\n
\nTom Kingsbury, Kohl\u2019s chief executive officer, said \u201cOur first quarter results were in line with our expectations and represented a first step as we work to drive sales and earnings performance over the long-term. We delivered margin expansion, as well as a 6% reduction in inventory. In addition, our stores business achieved productivity gains and Sephora at Kohl\u2019s continued its sales momentum.\u201d<\/p>\n
\n\u201cWe are making progress against each of our key 2023 priorities, enhancing our customer experience, simplifying our value strategies, managing inventory and expenses with discipline, and strengthening our balance sheet. I would like to thank the entire Kohl\u2019s team for driving against these priorities with a clear focus and strong determination. While there is still work to be done and the macroeconomic environment remains challenging, we are affirming our 2023 guidance and continue to have conviction in Kohl\u2019s longer term opportunity,\u201d Kingsbury continued.<\/p>\n
First Quarter 2023 Results<\/span><\/b><\/p>\n
Comparisons refer to the 13-week period ended April 29, 2023 versus the 13-week period ended April 30, 2022<\/i><\/p>\n
- \n
- Net sales <\/b>decreased 3.3% year-over-year, to $3.4 billion, with comparable sales down 4.3%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 39.0%, an increase of 67 basis points.\n<\/li>\n
- Selling, general & administrative (SG&A) expenses<\/b> decreased 4.2% year-over-year, to $1.2 billion. As a percentage of total revenue, SG&A expenses were 34.7%, a decrease of 13 basis points year-over-year.\n<\/li>\n
- Operating income <\/b>was $98 million compared to $82 million in the prior year. As a percentage of total revenue, operating income was 2.8%, an increase of 55 basis points year-over-year.\n<\/li>\n
- Net income <\/b>was $14 million, or $0.13 per share. This compares to net income of $14 million, or $0.11 per share in the prior year.\n<\/li>\n
- Inventory<\/b> was $3.5 billion, a decrease of 6% year-over-year.\n<\/li>\n
- Operating cash<\/b>flow<\/b> was a use of ($202) million.\n<\/li>\n<\/ul>\n
2023 Financial and Capital Allocation Outlook<\/span><\/b><\/p>\n
\nFor the full year 2023, the Company affirms its financial outlook and currently expects the following:<\/p>\n
- \n
- Net sales: <\/b>A decrease of (2%) to (4%), includes the impact of the 53rd week which is worth approximately 1% year-over-year.\n<\/li>\n
- Operating margin: <\/b>Approximately 4.0%.\n<\/li>\n
- Diluted earnings per share: <\/b>In the range of $2.10 to $2.70, excluding any non-recurring charges.\n<\/li>\n
- Capital Expenditures:<\/b> $600 million to $650 million, including expansion of its Sephora partnership and store refresh activity.\n<\/li>\n
- Dividend:<\/b> On May 10, 2023, Kohl\u2019s Board of Directors declared a quarterly cash dividend on the Company\u2019s common stock of $0.50 per share. The dividend is payable June 21, 2023 to shareholders of record at the close of business on June 7, 2023.\n<\/li>\n
- Debt Reduction:<\/b> The Company retired $164 million of bonds that matured in February 2023, and expects to retire $111 million of bonds maturing in December 2023.\n<\/li>\n<\/ul>\n
First Quarter 2023 Earnings Conference Call<\/span><\/b><\/p>\n
\nKohl\u2019s will host its quarterly earnings conference call at 9:00 am ET on May 24, 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<\/a>, both live and after the call.<\/p>\n
Cautionary Statement Regarding Forward-Looking Information<\/span><\/b><\/p>\n
This press release contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201canticipates,\u201d \u201cplans,\u201d or similar expressions to identify forward-looking statements. 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\u2019s Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company\u2019s filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl\u2019s undertakes no obligation to update them.<\/i><\/p>\n
About Kohl’s<\/span><\/b><\/p>\n
\nKohl\u2019s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of Kohls.com<\/a> and the Kohl’s App, Kohl’s offers amazing national and exclusive brands at incredible savings for families nationwide.Kohl\u2019s is committed to progress in its diversity and inclusion pledges, and the company’s environmental, social, and corporate governance (ESG) stewardship. For a list of store locations or to shop online, visit Kohls.com<\/a>. For more information about Kohl\u2019s impact in the community or how to join our winning team, visit Corporate.Kohls.com<\/a>.<\/p>\n
\n
\n \n KOHL\u2019S CORPORATION<\/b><\/p>\n
CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n
\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions, Except per Share Data)<\/b><\/p>\n<\/td>\n
\n April 29, 2023<\/b><\/p>\n<\/td>\n
\n April 30, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet sales<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 3,355<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n3,471<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther revenue<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 216<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n244<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,571<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,715<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of merchandise sold<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,047<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,140<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross margin rate<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 39.0<\/i><\/b><\/p>\n<\/td>\n
\n %<\/i><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 38.3<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating expenses:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general, and administrative<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,238<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,293<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n As a percent of total revenue<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 34.7<\/i><\/b><\/p>\n<\/td>\n
\n %<\/i><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 34.8<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 188<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n200<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 98<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n82<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 84<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n68<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 14<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision (benefit) for income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 14<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n14<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Average number of shares:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 110<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n127<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n129<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 0.13<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.11<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 0.13<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.11<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n KOHL\u2019S CORPORATION
\n
CONSOLIDATED BALANCE SHEETS
\n
<\/b>(Unaudited)<\/p>\n<\/td>\n<\/tr>\n\n \n (Dollars in Millions)<\/b><\/p>\n<\/td>\n
\n April 29,
\n
<\/b>2023<\/b><\/p>\n<\/td>\n\n April 30,
\n
<\/b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n Assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent assets:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 286<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n646<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerchandise inventories<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,526<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,736<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 347<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n381<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 4,159<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,763<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 7,803<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,790<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,368<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,224<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 380<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n476<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal assets<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 14,710<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n15,253<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities and Shareholders’ Equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent liabilities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 1,310<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n1,679<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,164<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,316<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings under revolving credit facility<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 765<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent portion of:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n164<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance leases and financing obligations<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 93<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n108<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n127<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,554<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,394<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,637<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,746<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance leases and financing obligations<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,710<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,584<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,634<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,474<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 129<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n209<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 326<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n390<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShareholders’ equity<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,720<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,456<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities and shareholders’ equity<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 14,710<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n15,253<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n KOHL\u2019S CORPORATION<\/b><\/p>\n
CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p>\n
\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions)<\/b><\/p>\n<\/td>\n
\n April 29,
\n
<\/b>2023<\/b><\/p>\n<\/td>\n\n April 30,
\n
<\/b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n Operating activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 14<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n14<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net income to net cash used in operating activities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 188<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n200<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare-based compensation<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 9<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash lease expense<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 25<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-cash items<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (4)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in operating assets and liabilities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerchandise inventories<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (336)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(668)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current and long-term assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 49<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(42)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (20)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued and other long-term liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (101)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (27)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(31)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in operating activities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (202)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(460)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Investing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition of property and equipment<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (94)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(221)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of real estate<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (1)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in investing activities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (94)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(217)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Financing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet borrowings under revolving credit facility<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 680<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury stock purchases<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(158)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShares withheld for taxes on vested restricted shares<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (12)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(18)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends paid<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (55)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(63)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRepayment of long-term borrowings<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (164)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance lease and financing obligation payments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (25)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(29)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from financing obligations<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by (used in) financing activities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 429<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(264)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet increase (decrease) in cash and cash equivalents<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 133<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(941)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 153<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,587<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at end of period<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 286<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n646<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230524005151\/en\/<\/a><\/span><\/p>\n
Investor Relations:
\n<\/b>
Mark Rupe, (262) 703-1266, mark.rupe@kohls.com<\/a><\/p>\nMedia:
\n<\/b>
Jen Johnson, (262) 703-5241, jen.johnson@kohls.com<\/a><\/p>\nKEYWORDS:<\/b> Wisconsin United States North America<\/p>\n
INDUSTRY KEYWORDS:<\/b> Teens Women Department Stores Men Family Fashion Consumer Cosmetics Retail Footwear<\/p>\n
- Operating margin: <\/b>Approximately 4.0%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 39.0%, an increase of 67 basis points.\n<\/li>\n
- Gross margin increased 67 basis points<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230524005151\/en\/411103\/3\/Kohls_B.jpg\")
<\/td>\n<\/tr>\n