Kohl’s reported profits in the second quarter dropped 54.1 year-over-year as same-store sales declined 5.0 percent. Earnings were ahead of analysts’ estimates with the benefit of tight expense and inventory controls and continued growth at its in-store Sephora shops. Guidance was reiterated for the year.

Highlights 

  • Sales of $3.7 billion aligned with Wall Street’s consensus estimate;
  • Net sales decreased 4.8 percent, and comparable sales decreased 5.0 percent;
  • Diluted earnings per share of $0.52 compared with Wall Street’s consensus estimates of 24 cents;
  • Inventory declined 14 percent;
  • Reaffirms full-year 2023 financial outlook; and
  • Remains committed to strengthening the balance sheet and maintaining current dividends.

For full details about second quarter results for Kohl’s, including commentary from management about the softening active category in apparel and building on the golf and outdoor business, go here:

EXEC: Kohl’s Finds Active Category Continues “Soft” in Second Quarter

Photo courtesy Kohl’s