Kohl’s Reports Fourth Quarter and Full Year Fiscal 2023 Financial Results

Tom Kingsbury, Kohl’s chief executive officer, said “2023 represented an important year for Kohl’s. We enhanced our store experience, expanded our partnership with Sephora, and invested in underpenetrated categories. We also simplified our value strategies and implemented new inventory management processes. The early success of our strategies is evident. Our store business had its best comparable sales performance since 2010, Sephora at Kohl’s continued to drive meaningful beauty sales growth, and we managed inventory down 10% at year end. I want to thank the broader Kohl’s team for driving significant change to reposition the company for future growth.”

“Looking ahead, we are incredibly focused on delivering comparable sales growth in 2024. Our strategic initiatives are positioned to build momentum and contribute more meaningfully, and we will partner with Babies “R” Us to meaningfully expand our presence in the baby gear category which represents a compelling white space opportunity for Kohl’s. Through our collective efforts Kohl’s is becoming more relevant to customers, which strengthens our conviction in our longer-term opportunity,” Kingsbury continued.

Fourth Quarter 2023 Results:
Net sales decreased 1.1% year-over-year, to $5.7 billion. The fourth quarter included net sales of approximately $164 million from the 14th week.
Comparable sales, which compare the 13-week period ending January 27, 2024 versus the 13-week period ended January 28, 2023, decreased 4.3%.
Gross margin as a percentage of net sales was 32.4%, an increase of 937 basis points.
Operating income was $299 million compared to $302 million loss in the prior year. As a percentage of total revenue, operating income was 5.0%, an increase of 1,005 basis points year-over-year.
Net income was $186 million, or $1.67 per diluted share. This compares to net loss of $273 million, or ($2.49) per diluted share in the prior year.
details at: https://investors.kohls.com/news-releases/news-details/2024/Kohls-Reports-Fourth-Quarter-and-Full-Year-Fiscal-2023-Financial-Results/default.aspx

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