\nKohl\u2019s Corporation (NYSE:KSS) today reported results for the quarter and year ended February 1, 2025.\n<\/p>\n
- \n
- Fourth quarter net sales decreased 9.4% and comparable sales decreased 6.7%; fiscal year 2024 net sales decreased 7.2% and comparable sales decreased 6.5%<\/b><\/li>\n
- Fourth quarter diluted earnings per share (\u201cEPS\u201d) of $0.43 and adjusted diluted EPS of $0.95<\/b><\/li>\n
- Fiscal year 2024 diluted EPS of $0.98 and adjusted diluted EPS of $1.50<\/b><\/li>\n
- Introduces fiscal year 2025 financial outlook<\/b><\/li>\n<\/ul>\n
\nAshley Buchanan, Kohl\u2019s Chief Executive Officer, said \u201cKohl\u2019s is built on a strong foundation that includes operating more than 1,100 conveniently located stores nationwide, serving over 60 million customers, with 30 million of those customers being Kohl\u2019s Loyalty Members. Kohl\u2019s has a tremendous opportunity to build on our strengths, address key areas of opportunity and better serve our customers every day. \u201c\n<\/p>\n
\n\u201cWe have identified key areas of focus and are taking action in 2025 to reposition Kohl\u2019s for future success. Our customers expect great product, great value, and a great experience from Kohl\u2019s. I am confident that the areas we identified will deliver on what customers want and expect from Kohl\u2019s,\u201d Buchanan continued.\n<\/p>\n
Fourth Quarter 2024 Results<\/span><\/b><\/p>\n
Comparisons refer to the 13-week period ended February 1, 2025 versus the 14-week period ended February 3, 2024 unless noted otherwise<\/i><\/p>\n
- \n
- Net sales <\/b>decreased 9.4% year-over-year, to $5.2 billion. The fourth quarter fiscal 2023 included net sales of approximately $164 million from the 14th week.\n<\/li>\n
- Comparable sales<\/b>, which compare the 13-week period ending February 1, 2025 versus the 13-week period ended January 27, 2024, decreased 6.7%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 32.9%, an increase of 49 basis points.\n<\/li>\n
- Selling, general & administrative (SG&A) expenses<\/b> decreased 4.5% year-over-year, to $1.5 billion. As a percentage of total revenue, SG&A expenses were 28.5%, an increase of 148 basis points year-over-year.\n<\/li>\n
- Operating income <\/b>was $126 million compared to $299 million in the prior year. As a percentage of total revenue, operating income was 2.3%, a decrease of 270 basis points year-over-year.\n<\/li>\n
- Net income <\/b>was $48 million, or $0.43 per diluted share, and adjusted net income of $106 million, or $0.95 per adjusted diluted share. This compares to net income of $186 million, or $1.67 per diluted share in the prior year.\n<\/li>\n
- Inventory<\/b> was $2.9 billion, an increase of 2% year-over-year.\n<\/li>\n
- Operating cash flow<\/b> was $596 million.\n<\/li>\n<\/ul>\n
Fiscal Year 2024 Results<\/span><\/b><\/p>\n
Comparisons refer to the 52-week period ended February 1, 2025 versus the 53-week period ended February 3, 2024 unless noted otherwise<\/i><\/p>\n
- \n
- Net sales <\/b>decreased 7.2% year-over-year, to $15.4 billion. Fiscal 2023 included net sales of approximately $164 million from the 53rd week.\n<\/li>\n
- Comparable sales<\/b>, which compare the 52-week period ending February 1, 2025 versus the 52-week period ended January 27, 2024, decreased 6.5%.\n<\/li>\n
- Gross margin<\/b> as a percentage of net sales was 37.2%, an increase of 50 basis points.\n<\/li>\n
- Selling, general & administrative (SG&A) expenses<\/b> decreased 3.7% year-over-year, to $5.3 billion. As a percentage of total revenue, SG&A expenses were 32.7%, an increase of 118 basis points year-over-year.\n<\/li>\n
- Operating income <\/b>was $433 million compared to $717 million in the prior year. As a percentage of total revenue, operating income was 2.7%, a decrease of 143 basis points year-over-year.\n<\/li>\n
- Net income <\/b>was $109 million, or $0.98 per diluted share, and adjusted net income of $167 million, or $1.50 per adjusted diluted share. This compares to net income of $317 million, or $2.85 per diluted share in the prior year.\n<\/li>\n
- Operating cash<\/b>flow<\/b> was $648 million.\n<\/li>\n
- Long-term debt<\/b> was reduced by $113 million through the redemption of the remaining 9.50% notes due May 15, 2025.\n<\/li>\n<\/ul>\n
2025 Financial and Capital Allocation Outlook<\/span><\/b><\/p>\n
\nFor the full year 2025, the Company currently expects the following:\n<\/p>\n
- \n
- Net sales: <\/b>A decrease of (5%) to a decrease of (7%)\n<\/li>\n
- Comparable sales: <\/b>A decrease of (4%) to a decrease of (6%)\n<\/li>\n
- Operating margin: <\/b>In the range of 2.2% to 2.6%\n<\/li>\n
- Diluted EPS: <\/b>In the range of $0.10 to $0.60\n<\/li>\n
- Capital Expenditures:<\/b> in the range of $400 million to $425 million\n<\/li>\n
- Dividend:<\/b> On March 11, 2025, Kohl\u2019s Board of Directors declared a quarterly cash dividend on the Company\u2019s common stock of $0.125 per share. The dividend is payable April 2, 2025 to shareholders of record at the close of business on March 21, 2025.\n<\/li>\n<\/ul>\n
Fourth Quarter 2024 Earnings Conference Call<\/span><\/b><\/p>\n
\nKohl\u2019s will host its quarterly earnings conference call at 9:00 am ET on March 11, 2025. 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.\n<\/p>\n
Cautionary Statement Regarding Forward-Looking Information and Non-GAAP Measures<\/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. Forward-looking statements include the information under \u201c2025 Financial and Capital Allocation Outlook.\u201d 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
This press release contains certain financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP), including adjusted net income and adjusted diluted earnings per share. These non-GAAP financial measures are provided as additional insight into our operational performance and do not purport to be substitutes for, or superior to, net income or diluted earnings per share as a measure of operating performance. We believe these adjusted measures are useful, as they are more representative of our core business, enhance comparability across reporting periods and to industry peers, and align with the measures used by management to evaluate the Company\u2019s performance. We caution investors that non-GAAP measures should not be viewed in isolation and should be evaluated in addition to, and not as an alternative for, our results reported in accordance with GAAP. Because companies may use different calculation methods, these measures may not be comparable to other similarly titled measures reported by other companies. A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is included in this release.<\/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\u2019s is uniquely positioned to deliver against its long-term strategy and its purpose to take care of families\u2019 realest moments. Kohl’s serves millions of families in its more than 1,100 stores in 49 states, online at Kohls.com, and through the Kohl’s App. With a large national footprint, Kohl\u2019s is committed to making a positive impact in the communities it serves. 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>.\n<\/p>\n
\n
\n \n KOHL\u2019S CORPORATION<\/b><\/p>\n
CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n
\n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n
\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions, Except per Share Data)<\/b><\/p>\n<\/td>\n
\n February 1, 2025<\/b><\/p>\n<\/td>\n
\n February 3, 2024<\/b><\/p>\n<\/td>\n
\n February 1, 2025<\/b><\/p>\n<\/td>\n
\n February 3, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet sales\n<\/p>\n<\/td>\n
\n $ 5,175<\/b><\/p>\n<\/td>\n
\n \n$ 5,710\n<\/p>\n<\/td>\n
\n $ 15,385<\/b><\/p>\n<\/td>\n
\n \n$ 16,586\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther revenue\n<\/p>\n<\/td>\n
\n 222<\/b><\/p>\n<\/td>\n
\n \n246\n<\/p>\n<\/td>\n
\n 836<\/b><\/p>\n<\/td>\n
\n \n890\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue\n<\/p>\n<\/td>\n
\n 5,397<\/b><\/p>\n<\/td>\n
\n \n5,956\n<\/p>\n<\/td>\n
\n 16,221<\/b><\/p>\n<\/td>\n
\n \n17,476\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of merchandise sold\n<\/p>\n<\/td>\n
\n 3,473<\/b><\/p>\n<\/td>\n
\n \n3,860\n<\/p>\n<\/td>\n
\n 9,661<\/b><\/p>\n<\/td>\n
\n \n10,498\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross margin rate<\/i><\/p>\n<\/td>\n
\n 32.9%<\/i><\/b><\/p>\n<\/td>\n
\n 32.4%<\/i><\/p>\n<\/td>\n
\n 37.2%<\/i><\/b><\/p>\n<\/td>\n
\n 36.7%<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating expenses:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general, and administrative\n<\/p>\n<\/td>\n
\n 1,539<\/b><\/p>\n<\/td>\n
\n \n1,610\n<\/p>\n<\/td>\n
\n 5,308<\/b><\/p>\n<\/td>\n
\n \n5,512\n<\/p>\n<\/td>\n<\/tr>\n
\n \n As a percent of total revenue<\/i><\/p>\n<\/td>\n
\n 28.5%<\/i><\/b><\/p>\n<\/td>\n
\n 27.0%<\/i><\/p>\n<\/td>\n
\n 32.7%<\/i><\/b><\/p>\n<\/td>\n
\n 31.5%<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization\n<\/p>\n<\/td>\n
\n 183<\/b><\/p>\n<\/td>\n
\n \n187\n<\/p>\n<\/td>\n
\n 743<\/b><\/p>\n<\/td>\n
\n \n749\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairments, store closing, and other costs\n<\/p>\n<\/td>\n
\n 76<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n 76<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income\n<\/p>\n<\/td>\n
\n 126<\/b><\/p>\n<\/td>\n
\n \n299\n<\/p>\n<\/td>\n
\n 433<\/b><\/p>\n<\/td>\n
\n \n717\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense, net\n<\/p>\n<\/td>\n
\n 74<\/b><\/p>\n<\/td>\n
\n \n82\n<\/p>\n<\/td>\n
\n 319<\/b><\/p>\n<\/td>\n
\n \n344\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes\n<\/p>\n<\/td>\n
\n 52<\/b><\/p>\n<\/td>\n
\n \n217\n<\/p>\n<\/td>\n
\n 114<\/b><\/p>\n<\/td>\n
\n \n373\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes\n<\/p>\n<\/td>\n
\n 4<\/b><\/p>\n<\/td>\n
\n \n31\n<\/p>\n<\/td>\n
\n 5<\/b><\/p>\n<\/td>\n
\n \n56\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income\n<\/p>\n<\/td>\n
\n $ 48<\/b><\/p>\n<\/td>\n
\n \n$ 186\n<\/p>\n<\/td>\n
\n $ 109<\/b><\/p>\n<\/td>\n
\n \n$ 317\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Average number of shares:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic\n<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n110\n<\/p>\n<\/td>\n
\n 111<\/b><\/p>\n<\/td>\n
\n \n110\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted\n<\/p>\n<\/td>\n
\n 112<\/b><\/p>\n<\/td>\n
\n \n111\n<\/p>\n<\/td>\n
\n 112<\/b><\/p>\n<\/td>\n
\n \n111\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic\n<\/p>\n<\/td>\n
\n $ 0.43<\/b><\/p>\n<\/td>\n
\n \n$ 1.69\n<\/p>\n<\/td>\n
\n $ 0.98<\/b><\/p>\n<\/td>\n
\n \n$ 2.88\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted\n<\/p>\n<\/td>\n
\n $ 0.43<\/b><\/p>\n<\/td>\n
\n \n$ 1.67\n<\/p>\n<\/td>\n
\n $ 0.98<\/b><\/p>\n<\/td>\n
\n \n$ 2.85\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n ADJUSTED NET INCOME AND DILUTED EARNINGS PER SHARE, NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n
\n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n
\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions, Except per Share Data)<\/b><\/p>\n<\/td>\n
\n February 1, 2025<\/b><\/p>\n<\/td>\n
\n February 3, 2024<\/b><\/p>\n<\/td>\n
\n February 1, 2025<\/b><\/p>\n<\/td>\n
\n February 3, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Net income (GAAP)<\/b><\/p>\n<\/td>\n
\n $ 48<\/b><\/p>\n<\/td>\n
\n \n$ 186\n<\/p>\n<\/td>\n
\n $ 109<\/b><\/p>\n<\/td>\n
\n \n$ 317\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairments, store closing, and other costs\n<\/p>\n<\/td>\n
\n 76<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n 76<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax impact of items noted above\n<\/p>\n<\/td>\n
\n (18)<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n (18)<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted Net income (non-GAAP)<\/b><\/p>\n<\/td>\n
\n $ 106<\/b><\/p>\n<\/td>\n
\n \n$ 186\n<\/p>\n<\/td>\n
\n $ 167<\/b><\/p>\n<\/td>\n
\n \n$ 317\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Diluted earnings per share (GAAP)<\/b><\/p>\n<\/td>\n
\n $ 0.43<\/b><\/p>\n<\/td>\n
\n \n$ 1.67\n<\/p>\n<\/td>\n
\n $ 0.98<\/b><\/p>\n<\/td>\n
\n \n$ 2.85\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairments, store closing, and other costs\n<\/p>\n<\/td>\n
\n 0.69<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n 0.69<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax impact of items noted above\n<\/p>\n<\/td>\n
\n (0.17)<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n (0.17)<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted Diluted earnings per share (non-GAAP)<\/b><\/p>\n<\/td>\n
\n $ 0.95<\/b><\/p>\n<\/td>\n
\n \n$ 1.67\n<\/p>\n<\/td>\n
\n $ 1.50<\/b><\/p>\n<\/td>\n
\n \n$ 2.85\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n KOHL\u2019S CORPORATION<\/b><\/p>\n
CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n
\n(Unaudited)\n<\/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 February 1, 2025<\/b><\/p>\n<\/td>\n
\n February 3, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent assets:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents\n<\/p>\n<\/td>\n
\n $ 134<\/b><\/p>\n<\/td>\n
\n \n$ 183\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerchandise inventories\n<\/p>\n<\/td>\n
\n 2,945<\/b><\/p>\n<\/td>\n
\n \n2,880\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther\n<\/p>\n<\/td>\n
\n 309<\/b><\/p>\n<\/td>\n
\n \n347\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets\n<\/p>\n<\/td>\n
\n 3,388<\/b><\/p>\n<\/td>\n
\n \n3,410\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment, net\n<\/p>\n<\/td>\n
\n 7,297<\/b><\/p>\n<\/td>\n
\n \n7,720\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases\n<\/p>\n<\/td>\n
\n 2,394<\/b><\/p>\n<\/td>\n
\n \n2,499\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets\n<\/p>\n<\/td>\n
\n 480<\/b><\/p>\n<\/td>\n
\n \n380\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal assets\n<\/p>\n<\/td>\n
\n $ 13,559<\/b><\/p>\n<\/td>\n
\n \n$ 14,009\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities and Shareholders\u2019 Equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent liabilities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable\n<\/p>\n<\/td>\n
\n $ 1,042<\/b><\/p>\n<\/td>\n
\n \n$ 1,134\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued liabilities\n<\/p>\n<\/td>\n
\n 1,263<\/b><\/p>\n<\/td>\n
\n \n1,201\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings under revolving credit facility\n<\/p>\n<\/td>\n
\n 290<\/b><\/p>\n<\/td>\n
\n \n92\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent portion of:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt\n<\/p>\n<\/td>\n
\n 353<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance leases and financing obligations\n<\/p>\n<\/td>\n
\n 81<\/b><\/p>\n<\/td>\n
\n \n83\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases\n<\/p>\n<\/td>\n
\n 102<\/b><\/p>\n<\/td>\n
\n \n102\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities\n<\/p>\n<\/td>\n
\n 3,131<\/b><\/p>\n<\/td>\n
\n \n2,612\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt\n<\/p>\n<\/td>\n
\n 1,174<\/b><\/p>\n<\/td>\n
\n \n1,638\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance leases and financing obligations\n<\/p>\n<\/td>\n
\n 2,456<\/b><\/p>\n<\/td>\n
\n \n2,680\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating leases\n<\/p>\n<\/td>\n
\n 2,703<\/b><\/p>\n<\/td>\n
\n \n2,781\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes\n<\/p>\n<\/td>\n
\n 28<\/b><\/p>\n<\/td>\n
\n \n107\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities\n<\/p>\n<\/td>\n
\n 265<\/b><\/p>\n<\/td>\n
\n \n298\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShareholders\u2019 equity:\n<\/p>\n<\/td>\n
\n 3,802<\/b><\/p>\n<\/td>\n
\n \n3,893\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities and shareholders\u2019 equity\n<\/p>\n<\/td>\n
\n $ 13,559<\/b><\/p>\n<\/td>\n
\n \n$ 14,009\n<\/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)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (Dollars in Millions)<\/b><\/p>\n<\/td>\n
\n February 1, 2025<\/b><\/p>\n<\/td>\n
\n February 3, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Operating activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income\n<\/p>\n<\/td>\n
\n $ 109<\/b><\/p>\n<\/td>\n
\n \n$ 317\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net income to net cash provided by operating activities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization\n<\/p>\n<\/td>\n
\n 743<\/b><\/p>\n<\/td>\n
\n \n749\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare-based compensation\n<\/p>\n<\/td>\n
\n 30<\/b><\/p>\n<\/td>\n
\n \n42\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes\n<\/p>\n<\/td>\n
\n (85)<\/b><\/p>\n<\/td>\n
\n \n(8)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairments, store closing, and other costs\n<\/p>\n<\/td>\n
\n 36<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash lease expense\n<\/p>\n<\/td>\n
\n 89<\/b><\/p>\n<\/td>\n
\n \n92\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-cash items\n<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n6\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in operating assets and liabilities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerchandise inventories\n<\/p>\n<\/td>\n
\n (60)<\/b><\/p>\n<\/td>\n
\n \n315\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current and long-term assets\n<\/p>\n<\/td>\n
\n (50)<\/b><\/p>\n<\/td>\n
\n \n11\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable\n<\/p>\n<\/td>\n
\n (92)<\/b><\/p>\n<\/td>\n
\n \n(196)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued and other long-term liabilities\n<\/p>\n<\/td>\n
\n 20<\/b><\/p>\n<\/td>\n
\n \n(67)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease liabilities\n<\/p>\n<\/td>\n
\n (93)<\/b><\/p>\n<\/td>\n
\n \n(93)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by operating activities\n<\/p>\n<\/td>\n
\n 648<\/b><\/p>\n<\/td>\n
\n \n1,168\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Investing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition of property and equipment\n<\/p>\n<\/td>\n
\n (466)<\/b><\/p>\n<\/td>\n
\n \n(577)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of real estate\n<\/p>\n<\/td>\n
\n 6<\/b><\/p>\n<\/td>\n
\n \n26\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther\n<\/p>\n<\/td>\n
\n (7)<\/b><\/p>\n<\/td>\n
\n \n(11)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in investing activities\n<\/p>\n<\/td>\n
\n (467)<\/b><\/p>\n<\/td>\n
\n \n(562)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Financing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet borrowings under revolving credit facility\n<\/p>\n<\/td>\n
\n 198<\/b><\/p>\n<\/td>\n
\n \n7\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShares withheld for taxes on vested restricted shares\n<\/p>\n<\/td>\n
\n (10)<\/b><\/p>\n<\/td>\n
\n \n(16)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends paid\n<\/p>\n<\/td>\n
\n (222)<\/b><\/p>\n<\/td>\n
\n \n(220)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRepayment of long-term borrowings\n<\/p>\n<\/td>\n
\n (113)<\/b><\/p>\n<\/td>\n
\n \n(275)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPremium paid on redemption of debt\n<\/p>\n<\/td>\n
\n (5)<\/b><\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance lease and financing obligation payments\n<\/p>\n<\/td>\n
\n (79)<\/b><\/p>\n<\/td>\n
\n \n(93)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from financing obligations\n<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n21\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in financing activities\n<\/p>\n<\/td>\n
\n (230)<\/b><\/p>\n<\/td>\n
\n \n(576)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet (decrease) increase in cash and cash equivalents\n<\/p>\n<\/td>\n
\n (49)<\/b><\/p>\n<\/td>\n
\n \n30\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period\n<\/p>\n<\/td>\n
\n 183<\/b><\/p>\n<\/td>\n
\n \n153\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at end of period\n<\/p>\n<\/td>\n
\n $ 134<\/b><\/p>\n<\/td>\n
\n \n$ 183\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250311736111\/en\/<\/a><\/span><\/p>\n
Investor Relations:
\n<\/b>
Jill Timm, (262) 703-2203, jill.timm@kohls.com<\/a><\/p>\nMedia:
\n<\/b>
Jen Johnson, (262) 703-5241, jen.johnson@kohls.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America Wisconsin<\/p>\n
INDUSTRY KEYWORDS:<\/b> Manufacturing Fashion Retail Department Stores Packaging<\/p>\n
- Comparable sales: <\/b>A decrease of (4%) to a decrease of (6%)\n<\/li>\n
- Comparable sales<\/b>, which compare the 52-week period ending February 1, 2025 versus the 52-week period ended January 27, 2024, decreased 6.5%.\n<\/li>\n
- Comparable sales<\/b>, which compare the 13-week period ending February 1, 2025 versus the 13-week period ended January 27, 2024, decreased 6.7%.\n<\/li>\n
- Fourth quarter diluted earnings per share (\u201cEPS\u201d) of $0.43 and adjusted diluted EPS of $0.95<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20250311736111\/en\/411103\/3\/Kohls_B.jpg\")
<\/td>\n<\/tr>\n