Kohl’s Reports First Quarter Fiscal 2023 Financial Results
Comparisons refer to the 13-week period ended April 29, 2023 versus the 13-week period ended April 30, 2022: *Net sales decreased 3.3% year-over-year, to $3.4 billion, with comparable sales down 4.3%. *Gross margin as a percentage of net sales was 39.0%, an increase of 67 basis points. *Selling, general & administrative (SG&A) expenses decreased 4.2% year-over-year, to $1.2 billion. As a percentage of total revenue, SG&A expenses were 34.7%, a decrease of 13 basis points year-over-year. *Operating income was $98 million compared to $82 million in the prior year. As a percentage of total revenue, operating income was 2.8%, an increase of 55 basis points year-over-year. *Net income was $14 million, or $0.13 per share. This compares to net income of $14 million, or $0.11 per share in the prior year. *Inventory was $3.5 billion, a decrease of 6% year-over-year. *Operating cash flow was a use of ($202) million.