Kohl’s Corporation (NYSE:KSS) today reported results for the quarter and year ended January 28, 2023.
Tom Kingsbury, Kohl’s chief executive officer, stated, “Kohl’s fourth quarter results reflect meaningful proactive measures we took to better position the business for 2023, as well as sales pressure driven by the ongoing persistent inflationary environment. Kohl’s has a solid foundation and a highly motivated team with a set of priorities to capitalize on what I see as a substantial opportunity to make a difference in the retail landscape.”
Mr. Kingsbury continued, “Our efforts to drive the business are already underway. We are refining our strategy and re-establishing merchandise disciplines with a customer-centric focus across the organization. I am confident that our efforts will drive improved, and more consistent, sales and earnings performance over the long-term.”
Fourth Quarter 2022 Results
Net sales decreased 7.2% year-over-year, to $5.8 billion, with comparable sales down 6.6%.
Gross margin as a percentage of net sales was 23.0%, a decrease of 1,016 basis points. Clearance markdowns impacted margin by approximately 750 basis points and product cost inflation impacted margin by approximately 200 bps.
Net loss was $273 million, or ($2.49) per diluted share. This compares to net income of $299 million, or $2.20 per diluted share in the prior year.
Fiscal Year 2022 Results
Net sales decreased 7.1% year-over-year, to $17.2 billion, with comparable sales down 6.6%.
Gross margin as a percentage of net sales was 33.2%, a decrease of 485 basis points.
Net loss of $19 million, or ($0.15) per diluted share. This compares to net income of $938 million, or $6.32 per diluted share, and adjusted net income of $1.1 billion, or $7.33 per diluted share, in the prior year.
details at: https://investors.kohls.com/news-releases/news-details/2023/Kohls-Reports-Fourth-Quarter-and-Full-Year-Fiscal-2022-Financial-Results/default.aspx