What is Kohl'S's latest dividend and current dividend yield?

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Did Kohl'S beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Kohl'S next quarter?

What factors drove the changes in Kohl'S's revenue and profit?

What does Kohl'S do and what are its main business segments?

What guidance did Kohl'S's management provide for the next earnings period?

What is the revenue and EPS growth rate for Kohl'S year over year?

- **Revenue Recovery**: Q3 comparable sales decline narrowed to 1.7% (vs. 3.2% YTD), with October sales turning positive (+1%).
- **Proprietary Brand Momentum**: Proprietary brands ran a positive comp, led by FLX (double-digit growth) and new home brands like Hotelier. 
- **Customer Reengagement**: Kohl's Card customer sales improved by 500 basis points, driven by coupon eligibility expansion and Kohl's Cash promotions. 
- **Holiday Setup**: Well-stocked with seasonal items and exclusive Sephora brands, targeting +10% growth in jewelry and accessories. 
- **Financial Discipline**: SG&A down 3.8% YTD, operating cash flow $630M, with plans to exit revolver by year-end.

**【CEO Summary Section】**
- **Q3 Performance**: Comparable sales declined 1.7% year-over-year, driven by a recovery in October (+1%) and strong digital sales (+2%). Proprietary brands ran a positive comp, with women's and men's businesses showing improvement. 
- **2025 Initiatives Progress**: 
  - **Assortment Balance**: Reduced choice counts by 10%, increased depth in key categories (e.g., women's dresses, men's tailored). Proprietary brands like FLX expanded into kids' departments. 
  - **Value Proposition**: Added 50 brands to coupon eligibility, reengaging Kohl's Card customers (+500 basis points in Q3). 
  - **Omnichannel Experience**: Rolled out 613 Impulse queuing lines, driving +40% growth. Holiday plans include exclusive gifts and Kohl's Cash promotions. 
- **Holiday Positioning**: Well-stocked with sweaters, fleece, and exclusive Sephora brands (e.g., MAC in 850 stores). Focus on toys (Barbie, LEGO) and home categories with new brands like Hotelier. 

**【CFO Financial Commentary】**
- **Top Line**: Net sales declined 2.8% (Q3) and 4% (YTD). Digital sales grew 2.4%, outpacing stores. 
- **Gross Margin**: Expanded 50 basis points to 39.6% due to inventory management and proprietary brand performance. 
- **Cost Control**: SG&A expenses down 2.1% (Q3) and 3.8% (YTD), driven by store and marketing efficiency. 
- **Cash Flow**: Operating cash flow $630M (YTD), free cash flow $270M. Revolver borrowings reduced by $700M, targeting full exit by year-end. 
- **Guidance**: Full-year net sales decline 3.5%-4%, adjusted EPS $1.25-$1.45. 

**【Q&A Key Highlights】**
- **Cash Flow & Inventory**: Inventory down 5% (Q3), well-positioned for holiday. Operating cash flow expected $1.3B, driven by inventory turns. 
- **Gross Margin Drivers**: Mix shift to soft home (+10% comp) and proprietary brands offset digital shipping costs. Holiday promotions will prioritize value. 
- **Store Strategy**: >90% of stores profitable. Minimal closures expected, focusing on adjacency analysis (e.g., juniors near Sephora). 
- **Brand Performance**: Sephora comp -1% due to macro pressures, but MAC launch in Q1 2026 seen as growth driver. FLX expansion into kids' departments (+300 doors).

Kohl's Corporation (KSS) Q3 2026 Earnings Call Transcript

- **Q2 Outperformance**: Comparable sales down 4.2% vs. expectations, driven by digital and proprietary brands. July sales flat year-over-year.
- **Strategic Wins**: Accessories (+12%), Impulse (+30%), and Sephora (+3%) lead growth. Women's proprietary brands like Sonoma and FLX show strong recovery.
- **Financial Strength**: Gross margin +28 bps to 39.9%, SG&A down 4.1%. Adjusted EPS of $0.56 beats estimates, with $0.80 EPS guidance raise.
- **Tariff Resilience**: Diversified sourcing and proprietary brand focus mitigate risks. Holiday pricing strategy emphasizes value.
- **Customer Engagement**: Expanded coupon eligibility for 50+ brands, driving 800+ bps sales penetration improvement in Q2.

**【Management Opening Remarks】**
- Kohl's delivered Q2 2025 results ahead of expectations: comparable sales down 4.2% and adjusted EPS of $0.56. Management highlighted progress on 2025 strategic initiatives but acknowledged challenges in the macroeconomic environment.
- July sales were flat year-over-year, driven by digital and proprietary brand growth. Inventory was reduced by 5%, and SG&A expenses declined 4%.

**【CEO Commentary】**
- **Strategic Priorities**: 
  1. Curated, balanced assortment (e.g., Women's, Intimates, Accessories) to meet core customer needs. Women's proprietary brands like Sonoma and FLX showed strong growth, with July comps positive.
  2. Value leadership through proprietary brands (e.g., Tek Gear, Jumping Beans) and expanded coupon eligibility for 50+ brands, driving 800+ basis point sales penetration improvement.
  3. Omnichannel experience improvements, including store layout adjustments (e.g., dedicated Accessories pad, Sephora adjacency) and digital channel optimization.
- **Category Performance**: 
  - Accessories (jewelry +12%), Impulse (+30%), and Sephora (+3%) outperformed. Men's and Kids underperformed due to seasonal softness but showed strength in O.P.P. brands.
  - Home decor and bedding categories saw growth, offset by softness in small electrics.

**【CFO Financial Commentary】**
- **Q2 Financials**: 
  - Net sales down 5.1%, with digital sales outpacing stores. Gross margin improved 28 bps to 39.9% due to category mix and inventory management.
  - SG&A down 4.1% to $1.2B, driven by cost control and credit expense shifts.
  - Adjusted net income $64M ($0.56 EPS), benefiting from a $129M credit card lawsuit settlement.
- **2025 Guidance Update**: 
  - Net sales decline narrowed to 5-6% (from 5-7%).
  - Gross margin expansion of ~30 bps (low end of 30-50 bps range).
  - Adjusted EPS raised to $0.50-$0.80 (from $0.10-$0.60), reflecting improved visibility.
- **Liquidity**: Reduced revolver balance to $75M, targeting full paydown by year-end. Capital expenditures of $400M focus on Sephora rollout and e-commerce infrastructure.

**【Q&A Highlights】**
- **Brand Coupon Expansion**: Added 50+ brands to coupon eligibility, driving 800+ bps sales penetration improvement. Digital channel response was immediate, with stores seeing progress through signage and associate training.
- **Tariff Mitigation**: Diversified sourcing and value engineering in proprietary brands (e.g., Sonoma denim) offset tariff risks. Holiday pricing strategy focuses on competitive value.
- **Comp Trend Expectations**: Q3/Q4 comps expected to remain flat to slightly down, with Q4 facing tougher comparisons. Focus on proprietary brands and value initiatives to drive traffic.
- **Credit Business**: Co-branded card revenue growth offset by declining Kohl's Card customer sales, leading to other revenue decline of 13-14%.


Kohl's Corporation (KSS) Q2 2025 Earnings Call Transcript

- **Q1 Outperformance**: Revenue ahead of expectations, driven by jewelry (10% growth), Sephora comparable sales up 1%, and Impulse Q line expansion.
- **Gross Margin Expansion**: 37 bps improvement to 39.9% due to category mix and inventory management.
- **Cost Discipline**: SG&A down 5.2%, with Non-GAAP EPS beating expectations at $0.10.
- **Tariff Resilience**: 80-90% of tariff impacts mitigated through sourcing diversification and strategic order adjustments.
- **Customer Recovery**: Core Kohl's card customers showing early signs of rebound in jewelry and petite apparel categories.
- **FY2025 Guidance**: Comparable sales -4% to -6%, operating margin 2.2-2.6%, EPS $0.10-$0.60, with inventory down high single digits by year-end.

**【CEO Summary Section】**
- Interim CEO Michael Bender emphasized Kohl's strategic focus on customer-centric initiatives, including rebalancing assortment, reestablishing value leadership, and enhancing omnichannel shopping experiences. The company achieved Q1 revenue ahead of expectations, driven by strong performance in jewelry, petite apparel, and Sephora at Kohl's. Bender highlighted the importance of operational discipline and cost management to support growth initiatives.

**【CFO Financial Commentary】**
- Q1 net sales declined 4.1% to $4.2 billion, with comparable sales down 3.9%. However, gross margin improved 37 basis points to 39.9% due to category mix benefits and inventory management. SG&A expenses decreased 5.2% to $1.2 billion, driven by cost-saving measures. Non-GAAP EPS was $0.10, exceeding expectations, while GAAP net loss was $15 million (-$0.13 EPS), reflecting a 46% improvement year-over-year.
- Key initiatives include: 
  - Reintroducing jewelry in 200 stores, leading to 10% sales growth in the category.
  - Rolling out 105 Sephora small-format shops, with Q1 comparable sales up 1%.
  - Expanding Impulse Q lines to 613 stores, driving incremental units in baskets.
  - Rebalancing women's apparel to focus on essentials and proprietary brands, with Lauren Conrad and Simply Vera Wang performing strongly.
- The company expects FY2025 comparable sales to decline 4-6%, operating margin of 2.2-2.6%, and diluted EPS of $0.10-$0.60, despite tariff headwinds. Inventory is expected to decline high single digits by year-end.

**【Q&A Highlights】**
- **Tariff Mitigation**: CFO Jill Timm noted 30%+ of production is now tariff-free, with sourcing diversification reducing reliance on high-tariff countries. The company expects to offset 80-90% of tariff impacts through strategic moves like shifting to lower-cost countries and adjusting order volumes.
- **Digital Business**: Digital sales declined 7.7% Q1, but showed early signs of recovery with improved coupon eligibility. The company aims to balance store and online channels, focusing on frictionless omnichannel experiences.
- **Customer Trends**: Core Kohl's card customers remain underperforming due to past assortment shifts (e.g., jewelry exit), but early signs of recovery were seen in Q1 with jewelry and petite apparel rebounds.
- **Store Strategy**: No major store closures planned beyond annual hygiene edits. The 55,000 sq-ft format is optimal for most markets, with plans to test smaller formats selectively.
- **Women's Apparel Recovery**: Proprietary brands like FLX & Active and Lauren Conrad are driving women's category improvement, with Juniors sales down only 1% Q1 vs. broader declines.
- **Credit Business**: Adjusted SG&A to other revenue ($184M) masks underlying credit portfolio health. Management expects stabilization as core customer sales recover.


Kohl's Corporation (KSS) Q1 2025 Earnings Conference Call Transcript

- **Strategic Rebalance**: Kohl's prioritizing core categories (jewelry, petites) and proprietary brands (Sonoma, Flex) to regain customer loyalty, with Sephora driving 13% Q4 comp growth. 
- **Digital Recovery**: Addressing Q4 e-commerce issues through inventory corrections, with Q1 2025 showing improved trends. 
- **Cost Efficiency**: 2025 SG&A expected to decline 3.5%-5%, with savings reinvested into price points to enhance value proposition. 
- **Conservative Guidance**: 2025 net sales decline 5%-7%, reflecting cautious outlook amid macro uncertainty. 
- **Balance Sheet Focus**: Dividend cut to $0.125/Q to rebuild cash and reduce debt reliance.

**【CEO Summary Section】**
- Kohl's CEO Ashley Buchanan emphasized the need to reposition the company for 2025 by focusing on three key areas: offering a balanced merchandise assortment, reestablishing leadership in value and quality, and enhancing omnichannel shopping experiences. 
- The company plans to rebalance its inventory to prioritize core categories like fine jewelry, petites, and proprietary brands (e.g., Sonoma, Flex), while maintaining growth in Sephora, home decor, and impulse categories. 
- Promotions will be simplified to reduce exclusions and improve customer clarity, with a focus on driving value through exclusive proprietary brands. 
- The CEO acknowledged the turnaround will take time, with 2025 guidance reflecting cautious optimism and a focus on cost discipline.

**【CFO Financial Commentary】**
- Q4 2024 net sales declined 9.4% YoY, with comparable sales down 6.7% due to underperformance in digital channels (13.4% decline) and legacy home products. 
- Gross margin improved 49 bps to 32.9% due to promotional optimization and lower digital penetration. Adjusted EPS was $0.95, below expectations. 
- 2025 guidance: Net sales expected to decline 5%-7%, with comparable sales down 4%-6%. Operating margin targets 2.2%-2.6%, and EPS $0.10-$0.60. 
- Key initiatives include reducing SG&A by 3.5%-5%, optimizing inventory for proprietary brands, and reinvesting cost savings into price points. 
- The company will reduce its dividend to $0.125/Q to prioritize balance sheet flexibility.

**【Q&A Key Takeaways】**
- **Merchandising Strategy**: Rebalancing towards core categories and proprietary brands (e.g., Sonoma, Flex) has improved trends, but full recovery requires time. Sephora remains a growth driver with 13% Q4 comp growth. 
- **Digital Challenges**: Q4 digital underperformance due to inventory suppression and conversion issues, but corrections underway. 
- **Promotions Efficiency**: Simplifying coupon exclusions and focusing markdowns on high-elasticity products to drive incremental sales. 
- **Store Closures**: 27 underperforming stores closed to improve efficiency, with no plans for aggressive closures given strong store profitability. 
- **Credit Business**: Credit revenue decline driven by sales underperformance, but co-branded credit card conversion to Capital One completed in Q1 2025.

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