Kohl’s Reports First Quarter Fiscal 2024 Financial Results
*Net sales decreased 5.3% year-over-year, to $3.2 billion, with comparable sales down 4.4% *Gross margin as a percentage of net sales was 39.5%, an increase of 48 basis points. *Selling, general & administrative (SG&A) expenses decreased 0.8% year-over-year, to $1.2 billion. As a percentage of total revenue, SG&A expenses were 36.3%, an increase of 166 basis points year-over-year. *Operating income was $43 million compared to $98 million in the prior year. As a percentage of total revenue, operating income was 1.3%, a decrease of 148 basis points year-over-year. *Net loss was $27 million, or ($0.24) per diluted share. This compares to net income of $14 million, or $0.13 per diluted share in the prior year. *Inventory was $3. 1 billion, a decrease of 13% year-over-year. *Operating cash flow was a use of $7 million as compared to a use of $202 million in the prior year.