Kohl’s Reports Third Quarter Fiscal 2023 Financial Results

Tom Kingsbury, Kohl’s chief executive officer, said “Kohl’s third quarter earnings reflect strong gross margin and expense management as well as additional progress against our strategic priorities. I am pleased with our store performance driven by strong growth in Sephora and the newness in our home and gifting initiatives. This reinforces our actions are working and resonating with our customers. In addition, we drove a 13% reduction in inventory as we benefited from our new disciplines.”

“Our strategies to reposition Kohl’s for improved sales and earnings performance remain in the early stages. The work we have done in 2023 will continue to build momentum and set us up to be successful in 2024. I continue to be impressed with the entire Kohl’s team for their hard work and agility in executing against our strategic priorities in 2023,” Kingsbury continued.

Third Quarter 2023 Results
Comparisons refer to the 13-week period ended October 28, 2023 versus the 13-week period ended October 29, 2022

  • Net sales decreased 5.2% year-over-year, to $3.8 billion, with comparable sales down 5.5%.
    *Gross margin as a percentage of net sales was 38.9%, an increase of 158 basis points.
    *Selling, general & administrative (SG&A) expenses increased 1.9% year-over-year, to $1.4 billion. As a percentage of total revenue, SG&A expenses were 33.5%, an increase of 235 basis points year-over-year.
    *Operating income was $157 million compared to $200 million in the prior year. As a percentage of total revenue, operating income was 3.9%, a decrease of 82 basis points year-over-year.
    *Net income was $59 million, or $0.53 per diluted share. This compares to net income of $97 million, or $0.82 per diluted share in the prior year.
    *Inventory was $4.2 billion, a decrease of 13% year-over-year.
    *Operating cash flow was $151 million.
    more at: https://investors.kohls.com/news-releases/news-details/2023/Kohls-Reports-Third-Quarter-Fiscal-2023-Financial-Results/default.aspx
Related Posts

Johnny Morris, Bass Pro Shops and Cabela’s donating more than 40,000 rods and reels across North America in challenge to get more kids outside

Noted conservationist and Bass Pro Shops founder Johnny Morris is challenging families everywhere to put down their digital devices and head outside to discover the joys of fishing this summer. Morris, Bass Pro Shops and Cabela’s are once again donating more than 40,000 rods and reels to hundreds of not-for-profit partners that help kids from all backgrounds connect to the great outdoors to kick off Gone Fishing. Many of the recipients engage underprivileged, minority and urban youth who might otherwise not have a chance to get introduced to the sport of fishing. The nationwide movement is part of an annual call-to-action that aims to introduce the sport to millions of kids. In addition to donating tens of thousands of rods and reels, all Bass Pro Shops and Cabela’s stores will host free in-store fishing and casting activities during the weekends of June 12-13 and 19-20. Since the program’s inception, Johnny, Bass Pro Shops and Cabela’s have donated more than 500,000 products to youth-focused nonprofit organizations across North America and helped millions of families catch their first fish, with over 150,000 kids participating in free events.

Attorneys General Urge FCC To Delay Net Neutrality Repeal

Eighteen state attorneys general on Wednesday asked the Federal Communications Commission to postpone a planned vote on net neutrality until investigators have weeded out fake comments submitted to the agency about its proposed rollback. "If the well of public comment has been poisoned by falsified submissions, the Commission may be unable to rely on public comments that would help it reach a legitimate conclusion to the rulemaking process," the law enforcement officials write. "Or, it must give less weight to the public comments submitted which also undermines the process." The FCC is scheduled to vote Thursday on a proposal to repeal net neutrality rules that prohibit broadband providers from blocking or throttling traffic and from creating paid fast lanes. The agency is expected to repeal the rules on a 3-2 party line vote.

U.S. e-commerce sales up 25% in June (chainstoreage.com)

Global online spending rose 28% in June compared to the year-ago period, making it the largest year-over-year increase in sales since COVID-19 restrictions were put in place in March, according to an analysis by ACI Worldwide of hundreds of millions of e-commerce transactions from global merchants. In the U.S., online spending rose 25% in June, which was steady with May’s increase. The report also showed a continued increase (117%) in athletic, footwear and sporting goods sales. Outdoor equipment was among the most popular purchase categories with an increase of 10% in June. In the U.S., consumer purchases were driven largely by apparel, as well as a continued demand for online games.
Back To Top
×Close search
Search