\nKohl\u2019s Corporation (NYSE:KSS) today reported results for the second quarter ended July 29, 2023.<\/p>\n
- \n
- Net sales decreased 4.8% and comparable sales decreased 5.0%<\/b><\/li>\n
- Diluted earnings per share of $0.52<\/b><\/li>\n
- Inventory declined 14%<\/b><\/li>\n
- Reaffirms 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 second quarter earnings were in line with our expectations. We maintained strong sales momentum in Sephora at Kohl\u2019s, reduced inventory by 14%, and managed expenses tightly. Further, solid cash flow generation allowed us to reduce our borrowings in the period.\u201d<\/p>\n
\n\u201cMany of our strategic efforts are just underway, which we expect will contribute incrementally in the back half of the year, and even more so in 2024 and beyond. We have enhanced the store experience and recently opened an additional 200 Sephora at Kohl\u2019s shops, and are taking steps to further optimize our assortment and simplify our value strategies. Looking ahead, we are reaffirming our 2023 guidance and remain confident in our longer-term opportunity. I want to thank the entire Kohl\u2019s team for their efforts to support and drive improved Kohl\u2019s performance,\u201d Kingsbury continued.<\/p>\n
Second Quarter 2023 Results<\/span><\/b><\/p>\n
Comparisons refer to the 13-week period ended July 29, 2023 versus the 13-week period ended July 30, 2022<\/i><\/p>\n
- \n
- Net sales <\/b>decreased 4.8% year-over-year, to $3.7 billion, with comparable sales down 5.0%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 39.0%, a decrease of 61 basis points.\n<\/li>\n
- Selling, general & administrative (SG&A) expenses<\/b> increased 1.6% year-over-year, to $1.3 billion. As a percentage of total revenue, SG&A expenses were 33.5%, an increase of 208 basis points year-over-year.\n<\/li>\n
- Operating income <\/b>was $163 million compared to $266 million in the prior year. As a percentage of total revenue, operating income was 4.2%, a decrease of 233 basis points year-over-year.\n<\/li>\n
- Net income <\/b>was $58 million, or $0.52 per diluted share. This compares to net income of $143 million, or $1.11 per diluted share in the prior year.\n<\/li>\n
- Inventory<\/b> was $3.5 billion, a decrease of 14% year-over-year.\n<\/li>\n
- Operating cash<\/b>flow<\/b> was $430 million.\n<\/li>\n<\/ul>\n
Six Months Fiscal Year 2023 Results<\/span><\/b><\/p>\n
Comparisons refer to the 26-week period ended July 29, 2023 versus the 26-week period ended July 30, 2022<\/i><\/p>\n
- \n
- Net sales <\/b>decreased 4.1% year-over-year, to $7.0 billion, with comparable sales down 4.7%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 39.0%, a decrease of 1 basis point.\n<\/li>\n
- Selling, general & administrative (SG&A) expenses<\/b> decreased 1.3% year-over-year, to $2.5 billion. As a percentage of total revenue, SG&A expenses were 34.1%, an increase of 103 basis points year-over-year.\n<\/li>\n
- Operating income <\/b>was $261 million compared to $348 million in the prior year. As a percentage of total revenue, operating income was 3.5%, a decrease of 96 basis points year-over-year.\n<\/li>\n
- Net income <\/b>was $72 million, or $0.65 per diluted share. This compares to net income of $157 million, or $1.22 per diluted share in the prior year.\n<\/li>\n
- Operating cash<\/b>flow<\/b> was $228 million.\n<\/li>\n<\/ul>\n
2023 Financial and Capital Allocation Outlook<\/span><\/b><\/p>\n
\nFor the full year 2023, the Company reaffirms 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 August 8, 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 September 20, 2023 to shareholders of record at the close of business on September 6, 2023.\n<\/li>\n<\/ul>\n
Second Quarter 2023 Earnings Conference Call<\/span><\/b><\/p>\n
\nKohl\u2019s will host its quarterly earnings conference call at 9:00 am ET on August 23, 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 the Company 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 built on a foundation that combines great brands, incredible value and convenience for our customers. Kohl’s serves millions of families in our more than 1,100 stores in 49 states, online at Kohls.com, and through our Kohl’s App. 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<\/td>\n<\/tr>\n
\n \n CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n
\n Six Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions, Except per Share Data)<\/b><\/p>\n<\/td>\n
\n July 29, 2023<\/b><\/p>\n<\/td>\n
\n July 30, 2022<\/b><\/p>\n<\/td>\n
\n July 29, 2023<\/b><\/p>\n<\/td>\n
\n July 30, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet sales<\/p>\n<\/td>\n
\n $ 3,678<\/b><\/p>\n<\/td>\n
\n \n$ 3,863<\/p>\n<\/td>\n
\n $ 7,033<\/b><\/p>\n<\/td>\n
\n \n$ 7,334<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther revenue<\/p>\n<\/td>\n
\n 217<\/b><\/p>\n<\/td>\n
\n \n224<\/p>\n<\/td>\n
\n 433<\/b><\/p>\n<\/td>\n
\n \n468<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue<\/p>\n<\/td>\n
\n 3,895<\/b><\/p>\n<\/td>\n
\n \n4,087<\/p>\n<\/td>\n
\n 7,466<\/b><\/p>\n<\/td>\n
\n \n7,802<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of merchandise sold<\/p>\n<\/td>\n
\n 2,242<\/b><\/p>\n<\/td>\n
\n \n2,332<\/p>\n<\/td>\n
\n 4,289<\/b><\/p>\n<\/td>\n
\n \n4,472<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross margin rate<\/i><\/p>\n<\/td>\n
\n 39.0%<\/i><\/b><\/p>\n<\/td>\n
\n 39.6%<\/i><\/p>\n<\/td>\n
\n 39.0%<\/i><\/b><\/p>\n<\/td>\n
\n 39.0%<\/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<\/tr>\n
\n \n \nSelling, general, and administrative<\/p>\n<\/td>\n
\n 1,304<\/b><\/p>\n<\/td>\n
\n \n1,283<\/p>\n<\/td>\n
\n 2,542<\/b><\/p>\n<\/td>\n
\n \n2,576<\/p>\n<\/td>\n<\/tr>\n
\n \n As a percent of total revenue<\/i><\/p>\n<\/td>\n
\n 33.5%<\/i><\/b><\/p>\n<\/td>\n
\n 31.4%<\/i><\/p>\n<\/td>\n
\n 34.1%<\/i><\/b><\/p>\n<\/td>\n
\n 33.0%<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization<\/p>\n<\/td>\n
\n 186<\/b><\/p>\n<\/td>\n
\n \n206<\/p>\n<\/td>\n
\n 374<\/b><\/p>\n<\/td>\n
\n \n406<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income<\/p>\n<\/td>\n
\n 163<\/b><\/p>\n<\/td>\n
\n \n266<\/p>\n<\/td>\n
\n 261<\/b><\/p>\n<\/td>\n
\n \n348<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense, net<\/p>\n<\/td>\n
\n 89<\/b><\/p>\n<\/td>\n
\n \n77<\/p>\n<\/td>\n
\n 173<\/b><\/p>\n<\/td>\n
\n \n145<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes<\/p>\n<\/td>\n
\n 74<\/b><\/p>\n<\/td>\n
\n \n189<\/p>\n<\/td>\n
\n 88<\/b><\/p>\n<\/td>\n
\n \n203<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes<\/p>\n<\/td>\n
\n 16<\/b><\/p>\n<\/td>\n
\n \n46<\/p>\n<\/td>\n
\n 16<\/b><\/p>\n<\/td>\n
\n \n46<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n $ 58<\/b><\/p>\n<\/td>\n
\n \n$ 143<\/p>\n<\/td>\n
\n $ 72<\/b><\/p>\n<\/td>\n
\n \n$ 157<\/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<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n 110<\/b><\/p>\n<\/td>\n
\n \n127<\/p>\n<\/td>\n
\n 110<\/b><\/p>\n<\/td>\n
\n \n127<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n128<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n129<\/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<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n $ 0.52<\/b><\/p>\n<\/td>\n
\n \n$ 1.13<\/p>\n<\/td>\n
\n $ 0.65<\/b><\/p>\n<\/td>\n
\n \n$ 1.24<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n $ 0.52<\/b><\/p>\n<\/td>\n
\n \n$ 1.11<\/p>\n<\/td>\n
\n $ 0.65<\/b><\/p>\n<\/td>\n
\n \n$ 1.22<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n KOHL\u2019S CORPORATION<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n (Dollars in Millions)<\/b><\/p>\n<\/td>\n
\n July 29, 2023<\/b><\/p>\n<\/td>\n
\n July 30, 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<\/tr>\n
\n \n \nCurrent assets:<\/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 $ 204<\/b><\/p>\n<\/td>\n
\n \n$ 222<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerchandise inventories<\/p>\n<\/td>\n
\n 3,474<\/b><\/p>\n<\/td>\n
\n \n4,034<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n 296<\/b><\/p>\n<\/td>\n
\n \n374<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\n 3,974<\/b><\/p>\n<\/td>\n
\n \n4,630<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment, net<\/p>\n<\/td>\n
\n 7,945<\/b><\/p>\n<\/td>\n
\n \n8,228<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases<\/p>\n<\/td>\n
\n 2,493<\/b><\/p>\n<\/td>\n
\n \n2,296<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\n 382<\/b><\/p>\n<\/td>\n
\n \n469<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal assets<\/p>\n<\/td>\n
\n $ 14,794<\/b><\/p>\n<\/td>\n
\n \n$ 15,623<\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities and Shareholders\u2019 Equity<\/b><\/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<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n $ 1,376<\/b><\/p>\n<\/td>\n
\n \n$ 1,497<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued liabilities<\/p>\n<\/td>\n
\n 1,246<\/b><\/p>\n<\/td>\n
\n \n1,426<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings under revolving credit facility<\/p>\n<\/td>\n
\n 560<\/b><\/p>\n<\/td>\n
\n \n79<\/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<\/tr>\n
\n \n \nLong-term debt<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n164<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance leases and financing obligations<\/p>\n<\/td>\n
\n 84<\/b><\/p>\n<\/td>\n
\n \n96<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases<\/p>\n<\/td>\n
\n 93<\/b><\/p>\n<\/td>\n
\n \n108<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\n 3,470<\/b><\/p>\n<\/td>\n
\n \n3,370<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt<\/p>\n<\/td>\n
\n 1,637<\/b><\/p>\n<\/td>\n
\n \n1,747<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance leases and financing obligations<\/p>\n<\/td>\n
\n 2,730<\/b><\/p>\n<\/td>\n
\n \n2,830<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases<\/p>\n<\/td>\n
\n 2,777<\/b><\/p>\n<\/td>\n
\n \n2,568<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\n 121<\/b><\/p>\n<\/td>\n
\n \n194<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities<\/p>\n<\/td>\n
\n 324<\/b><\/p>\n<\/td>\n
\n \n370<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShareholders\u2019 equity:<\/p>\n<\/td>\n
\n 3,735<\/b><\/p>\n<\/td>\n
\n \n4,544<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities and shareholders\u2019 equity<\/p>\n<\/td>\n
\n $ 14,794<\/b><\/p>\n<\/td>\n
\n \n$ 15,623<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n KOHL\u2019S CORPORATION<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Six Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions)<\/b><\/p>\n<\/td>\n
\n July 29, 2023<\/b><\/p>\n<\/td>\n
\n July 30, 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<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n $ 72<\/b><\/p>\n<\/td>\n
\n \n$ 157<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net income to net cash provided by (used in) operating activities:<\/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 374<\/b><\/p>\n<\/td>\n
\n \n406<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare-based compensation<\/p>\n<\/td>\n
\n 20<\/b><\/p>\n<\/td>\n
\n \n26<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\n (7)<\/b><\/p>\n<\/td>\n
\n \n(12)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash lease expense<\/p>\n<\/td>\n
\n 48<\/b><\/p>\n<\/td>\n
\n \n56<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-cash items<\/p>\n<\/td>\n
\n (2)<\/b><\/p>\n<\/td>\n
\n \n5<\/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<\/tr>\n
\n \n \nMerchandise inventories<\/p>\n<\/td>\n
\n (283)<\/b><\/p>\n<\/td>\n
\n \n(964)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current and long-term assets<\/p>\n<\/td>\n
\n 61<\/b><\/p>\n<\/td>\n
\n \n(29)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n 46<\/b><\/p>\n<\/td>\n
\n \n(185)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued and other long-term liabilities<\/p>\n<\/td>\n
\n (52)<\/b><\/p>\n<\/td>\n
\n \n51<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease liabilities<\/p>\n<\/td>\n
\n (49)<\/b><\/p>\n<\/td>\n
\n \n(57)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by (used in) operating activities<\/p>\n<\/td>\n
\n 228<\/b><\/p>\n<\/td>\n
\n \n(546)<\/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<\/tr>\n
\n \n \nAcquisition of property and equipment<\/p>\n<\/td>\n
\n (338)<\/b><\/p>\n<\/td>\n
\n \n(548)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of real estate<\/p>\n<\/td>\n
\n 4<\/b><\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n (1)<\/b><\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in investing activities<\/p>\n<\/td>\n
\n (335)<\/b><\/p>\n<\/td>\n
\n \n(544)<\/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<\/tr>\n
\n \n \nNet borrowings under revolving credit facility<\/p>\n<\/td>\n
\n 475<\/b><\/p>\n<\/td>\n
\n \n79<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury stock purchases<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n(158)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShares withheld for taxes on vested restricted shares<\/p>\n<\/td>\n
\n (13)<\/b><\/p>\n<\/td>\n
\n \n(20)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends paid<\/p>\n<\/td>\n
\n (110)<\/b><\/p>\n<\/td>\n
\n \n(127)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRepayment of long-term borrowings<\/p>\n<\/td>\n
\n (164)<\/b><\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance lease and financing obligation payments<\/p>\n<\/td>\n
\n (47)<\/b><\/p>\n<\/td>\n
\n \n(55)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from financing obligations<\/p>\n<\/td>\n
\n 17<\/b><\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from stock option exercises<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n1<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by (used in) financing activities<\/p>\n<\/td>\n
\n 158<\/b><\/p>\n<\/td>\n
\n \n(275)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet increase (decrease) in cash and cash equivalents<\/p>\n<\/td>\n
\n 51<\/b><\/p>\n<\/td>\n
\n \n(1,365)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period<\/p>\n<\/td>\n
\n 153<\/b><\/p>\n<\/td>\n
\n \n1,587<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at end of period<\/p>\n<\/td>\n
\n $ 204<\/b><\/p>\n<\/td>\n
\n \n$ 222<\/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\/20230823908494\/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> Men Online Retail Family Discount\/Variety Department Stores Consumer Fashion Teens Cosmetics Parenting Retail Children Women<\/p>\n
- Operating margin: <\/b>Approximately 4.0%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 39.0%, a decrease of 1 basis point.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 39.0%, a decrease of 61 basis points.\n<\/li>\n
- Diluted earnings per share of $0.52<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230823908494\/en\/411103\/3\/Kohls_B.jpg\")
<\/td>\n<\/tr>\n