Kohl’s Reports First Quarter Fiscal 2023 Financial Results

Tom Kingsbury, Kohl’s chief executive officer, said “Our first quarter results were in line with our expectations and represented a first step as we work to drive sales and earnings performance over the long-term. We delivered margin expansion, as well as a 6% reduction in inventory. In addition, our stores business achieved productivity gains and Sephora at Kohl’s continued its sales momentum.”

“We are making progress against each of our key 2023 priorities, enhancing our customer experience, simplifying our value strategies, managing inventory and expenses with discipline, and strengthening our balance sheet. I would like to thank the entire Kohl’s team for driving against these priorities with a clear focus and strong determination. While there is still work to be done and the macroeconomic environment remains challenging, we are affirming our 2023 guidance and continue to have conviction in Kohl’s longer term opportunity,” Kingsbury continued.

First Quarter 2023 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.
details at: https://investors.kohls.com/news-releases/news-details/2023/Kohls-Reports-First-Quarter-Fiscal-2023-Financial-Results/default.aspx

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The Rise in Print Continues

The lack of a breakout print hit did not prevent unit sales in the first half of 2017 from being 3% higher than in the first six months of last year, at outlets that report to NPD BookScan (which captures 80%–85% of print unit sales). Units for the January–June period in 2017 were 310.7 million, up from 302.8 million a year ago. Just as it was in the first six months of 2016, the backlist favorite Oh, the Places You’ll Go! by Dr. Seuss was the most popular title in the first half of this year, selling more than 482,000 copies (up from 458,000 copies in January–June 2016). All four of the major segments did better this year than in the first six months of 2016. Juvenile fiction had the best performance, with unit sales up 5%. In addition to higher sales of Oh, the Places You’ll Go!, the segment benefitted from strong sales of two editions of Thirteen Reasons Why by Jay Asher, which together sold approximately 500,000 print copies. The animal category had the biggest gain among juvenile fiction segments, with sales up 21%. Click Read More below for additional detail.
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