Kohl’s Reports Second Quarter Fiscal 2023 Financial Results

Tom Kingsbury, Kohl’s chief executive officer, said, “Our second quarter earnings were in line with our expectations. We maintained strong sales momentum in Sephora at Kohl’s, reduced inventory by 14%, and managed expenses tightly. Further, solid cash flow generation allowed us to reduce our borrowings in the period.”

“Many of our strategic efforts are just underway, which we expect will contribute incrementally in the back half of the year, and even more so in 2024 and beyond. We have enhanced the store experience and recently opened an additional 200 Sephora at Kohl’s shops, and are taking steps to further optimize our assortment and simplify our value strategies. Looking ahead, we are reaffirming our 2023 guidance and remain confident in our longer-term opportunity. I want to thank the entire Kohl’s team for their efforts to support and drive improved Kohl’s performance,” Kingsbury continued.

Second Quarter 2023 Results
Comparisons refer to the 13-week period ended July 29, 2023 versus the 13-week period ended July 30, 2022
*Net sales decreased 4.8% year-over-year, to $3.7 billion, with comparable sales down 5.0%.
*Gross margin as a percentage of net sales was 39.0%, a decrease of 61 basis points.
*Selling, general & administrative (SG&A) expenses increased 1.6% year-over-year, to $1.3 billion. As a percentage of total revenue, SG&A expenses were 33.5%, an increase of 208 basis points year-over-year.
*Operating income was $163 million compared to $266 million in the prior year. As a percentage of total revenue, operating income was 4.2%, a decrease of 233 basis points year-over-year.
*Net income was $58 million, or $0.52 per diluted share. This compares to net income of $143 million, or $1.11 per diluted share in the prior year.
*Inventory was $3.5 billion, a decrease of 14% year-over-year.
*Operating cash flow was $430 million.

Six Months Fiscal Year 2023 Results
Comparisons refer to the 26-week period ended July 29, 2023 versus the 26-week period ended July 30, 2022
*Net sales decreased 4.1% year-over-year, to $7.0 billion, with comparable sales down 4.7%.
*Gross margin as a percentage of net sales was 39.0%, a decrease of 1 basis point.
*Selling, general & administrative (SG&A) expenses decreased 1.3% year-over-year, to $2.5 billion. As a percentage of total revenue, SG&A expenses were 34.1%, an increase of 103 basis points year-over-year.
*Operating income was $261 million compared to $348 million in the prior year. As a percentage of total revenue, operating income was 3.5%, a decrease of 96 basis points year-over-year.
*Net income was $72 million, or $0.65 per diluted share. This compares to net income of $157 million, or $1.22 per diluted share in the prior year.
*Operating cash flow was $228 million.
details at: https://investors.kohls.com/news-releases/news-details/2023/Kohls-Reports-Second-Quarter-Fiscal-2023-Financial-Results/default.aspx

Related Posts

Nationwide Poll in the United States Finds K-12 Parents Overwhelmingly View Printed Materials as Essential Part of Student Learning

Following a year of extraordinary disruption to the nation’s educational system and the necessary shift to online instruction, parents of students in grades K-12 have reached a clear consensus: When it comes to books, the physical version matters. Parents are acutely focused on what their children learn and are convinced they will learn more via printed materials, according to national study conducted in the United States recently by pollster Frank Luntz. The survey of 1,000 parents with school-aged children across the country found the following: *Virtually every parent wants physical materials as a part of student learning. *76% of parents find physical books “extremely/very” impactful, compared to 68% for online/digital books. *When given the choice of only one or the other, 69% of parents prefer physical materials and only 31% choose online materials. *Physical books matter greatly in school board elections. 71% of parents would be more likely to vote for a school board member who supports students learning with physical materials – over the 29% who would prefer a member who wants online materials. *The frustrations with online learning during COVID are real. More than 80% of parents from all backgrounds (including 74% of those who typically favor online materials) believe physical materials would have made their jobs easier helping their students from home.

New Magazines: The Life Blood Of The Magazine Industry (mrmagazine.wordpress.com)

In any industry or profession, without new birth, products, ideas, or people, there is no growth. If you’re not growing, if you’re not introducing new blood to the mix of what you have, you’re dying incrementally. And the lifecycle and growth of magazines aren’t any different than any other lifecycle. Yes, magazines come and magazines go, but just because one magazine folds it doesn’t mean the entire print medium is dying. And while in the last 20 years the number of consumer magazines in this country aimed at the general public has remained steady, averaging at around 7,000 titles, it should be noted that in those same 20 years we had at least 4,730 new magazines coming into the marketplace. And the reason I say at least, is because those were the ones that I was actually able to buy and collect ink on papers copies from. My definition was and is still is, “if it is not ink on paper, it is not a magazine.” much more at source: https://mrmagazine.wordpress.com/2021/02/04/publishing-is-believing-and-i-do-believe-a-mr-magazine-musing/

Federal Prosecutors Charge 60 People In Magazine Fraud Scheme Targeting Seniors (mediapost.com)

Sixty people have been charged in a magazine fraud scheme that took advantage of seniors. According to a report by the Minneapolis Star Tribune, the federal government says the telemarketing scam defrauded 183,000 people across the U.S. for more than $335 million over a 20-year-period. Many victims were elderly. Fourteen defendants are described as owners of companies involved in phony magazine sales. Another 16 were call-center managers, 10 were telemarketers and four served as lead brokers, who sold lists of consumers to call.
Back To Top
×Close search
Search