$KSS (+0,18%) | Kohl’s Corporation Q3 Earnings Highlights:
🔹 EPS: $0.20 (Est. $0.30) 🔴
🔹 Revenue: $3.51B (Est. $3.85B) 🔴; DOWN -8.8% YoY
🔹 Comparable Sales: -9.3% (Est. -5.19%) 🔴
CUTS FY24 Guidance:
🔹 Net Sales: -7% to -8% (Prev. -4% to -6%) 🔴
🔹 Comparable Sales: -6% to -7% (Prev. -3% to -5%) 🔴
🔹 Operating Margin: 3.0% to 3.2%
🔹 Diluted EPS: $1.20 to $1.50 (Est. $1.86) 🔴
🔹 Capital Expenditures: ~$500M
Key Q3 Metrics:
🔹 Gross Margin: 39.1%; UP +20 bps YoY
🔹 SG&A as % of Revenue: 34.8%; UP +125 bps YoY
🔹 Operating Income: $98M; DOWN -37.6% YoY
Shareholder Returns:
🔹 Dividend: $0.50/share; payable December 24, 2024
CEO Commentary:
🔸 "Sales softness in apparel and footwear offset strong growth in categories like Sephora, home decor, and gifting. Aggressive actions are being taken to reverse declines."
Strategic Updates:
🔸 CEO Tom Kingsbury to step down in January 2025, succeeded by retail veteran Ashley Buchanan.
🔸 Expansion of Sephora partnership and addition of Babies “R” Us shops in 200 locations.
Key Challenges:
🔹 Eleventh consecutive quarter of declining same-store sales.
🔹 Continued pressure from higher consumer costs and reduced foot traffic.
