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Company Research29 Mar 2024
Companies That Had Their IPO in 1992: A Cautiously Optimistic Market
1992 marked a relatively cool IPO landscape and stock market sentiment, in the wake of the early 90s recession.
Kohl’s
Kohl’s (KSS) investor relations material
Kohl’s Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary10 Mar, 2026
Executive summary
Net sales declined 3.9% in Q4 and 4% for the year, with comparable sales down 2.8% in Q4 and 3.1% for the year, mainly due to lower store transactions and weather-related disruptions.
Digital sales grew low single digits in Q4 and were flat for the year, with higher traffic offset by lower conversion.
Inventory discipline and expense management led to adjusted diluted EPS of $1.07 in Q4, ahead of last year.
Operating income improved to $212 million in Q4 and $624 million for the year.
Proprietary brands and new initiatives, such as the By Kohl's campaign and impulse offerings, are central to the growth strategy.
Financial highlights
Gross margin in Q4 expanded by 25 bps to 33.1% of sales; full-year gross margin up 34 bps to 37.5%.
SG&A expenses decreased 4.9% in Q4 and 4.1% for the year; Q4 SG&A as a percentage of revenue was 28.3%.
Adjusted net income in Q4 was $125 million, with adjusted diluted EPS of $1.07; full-year adjusted net income was $186 million, EPS $1.62.
Operating cash flow was $750 million in Q4 and $1.4 billion for the year, up $700 million from 2024.
Ended the year with $674 million in cash and no borrowings on the revolver.
Outlook and guidance
2026 net sales and comparable sales expected to be down 2% to flat versus 2025.
Operating margin guidance: 2.8%-3.4%; EPS guidance: $1.00-$1.60.
Other revenue expected to decline 4%-6% due to lower credit customer balances.
Gross margin expected to be flat to slightly down; SG&A to decrease 0.5%-1.5%.
Inventory to be down low- to mid-single digits; capex $350-$400 million.
Q1 2026 comparable sales expected to be down low single digits.
Quarterly dividend of $0.125 per share declared, payable April 1, 2026.
Reconcile FY25 earnings growth with FY26 EPS outlook
Rationale for 10.000% senior secured notes
Explain the dividend reduction strategy
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Next Kohl’s earnings date
Q1 202728 May, 2026
Kohl’s
Next Kohl’s earnings date
Q1 202728 May, 2026
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Frequently asked questions
A modern department store
Kohl's is a retail company that operates department stores across the United States. The company offers a wide range of merchandise, including clothing, accessories, home goods, and electronics. With a focus on providing affordable and quality products, Kohl's aims to cater to various customer needs. The company also offers services such as online shopping, in-store pickup, and a loyalty program to enhance the shopping experience for its customers.
Wisconsin born and bred
Kohl's traces its roots back to 1946 when Max Kohl opened the first Kohl's department store in Milwaukee, Wisconsin. Initially, the store operated as a corner grocery and later expanded into a department store format. Over the years, Kohl's focused on offering quality products at competitive prices, attracting a loyal customer base. Through acquisitions, partnerships, and organic growth, Kohl's has expanded its footprint across the United States.
As of 2024, the company operates over 1,100 department stores all over the country. The growth from the 40’s until today can be attributed to Kohl’s ability to leverage its strong brand, continuing to promote customer loyalty, and by offering a diverse range of merchandise to provide a convenient and enjoyable shopping experience.
A one-stop shopping experience
Kohl's boasts a diverse range of merchandise across various categories. Their apparel section encompasses clothing for men, women, and children, featuring a wide selection of styles and sizes. The accessories department offers a variety of options, including shoes, handbags, and jewelry. In the home goods section, customers can find items such as bedding, bath products, kitchenware, and home decor. Kohl's also provides a range of electronics, toys, and seasonal items to cater to tailor . By keeping their offerings of various items diverse, Kohl's aims to provide customers with a wide array of choices and convenience to fulfill shopping needs.
One thing that makes Kohl’s stand out when compared to their main competitors Target and Walmart is the fact that Kohl’s doesn’t sell groceries and other perishable goods. Instead, their focus is on providing the best shopping experience for customers looking for clothing, accessories, and home goods. This in turn means that the department stores most comparable to Kohl’s are, for example, Nordstrom and Macy’s.
Adapting to changing shopping patterns
Kohl's has been actively expanding its presence in the online retailing sphere, recognizing the shifting consumer preferences. The company has invested in its e-commerce platform, offering customers the convenience of online shopping with features like easy navigation, detailed product information, and secure checkout. With an increasing emphasis on digital initiatives and partnerships, Kohl's is working on providing a seamless online retail experience to cater to the evolving demands of customers.
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