Kohl’s reported net sales in Q1 of $3bn compared with $3.2bn a year earlier.
Gross margin as a percentage of net sales was 39.9%, an increase of 37 basis points.
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Selling, general & administrative (SG&A) expenses decreased 5.2% year-over-year, to $1.2bn. As a percentage of total revenue, SG&A expenses were 36.0%, a decrease of 32 basis points year-over-year.
Operating income increased to $60m from $43m a year earlier.
And net loss came in at $15m compared with $27m for the same period a year earlier.
At the end of last year, Kohl’s appointed Michael Bender as interim CEO.
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By GlobalDataCommenting on Kohl’s Q1 performance, he said: “Our first quarter performance was ahead of our expectations and the actions we are taking are starting to make progress with early signs of a positive impact. Our team is focused and motivated to deliver great products, great value, and a great shopping experience to our customers. I want to thank our amazing team of associates for their hard work and dedication. I am excited to lead this next chapter of Kohl’s and build on the momentum we have begun to generate.”
2025 Outlook
Kohl’s expects net sales to decrease between 5-7%. Comp sales are expected to decrease between 4-6%. Diluted EPS will be in the range of $0.1-0.6.
