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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 (KSS) investor relations material
Kohl’s Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary25 Nov, 2025
Executive summary
Achieved third consecutive quarter of top- and bottom-line results ahead of expectations, reflecting progress on 2025 initiatives and improved customer engagement in a challenging macroeconomic environment.
Net sales declined 2.8% year-over-year to $3.4 billion in Q3, with comparable sales down 1.7%.
Gross margin improved by 51 basis points to 39.6% in Q3, driven by inventory management and proprietary brand mix.
Michael J. Bender was appointed CEO, bringing stability and strategic focus after a period of transition.
Focused on balanced assortment, value leadership, and frictionless omnichannel experience, while maintaining a healthy balance sheet and strong cash flow.
Financial highlights
Q3 net sales declined 2.8% to $3.4 billion; year-to-date net sales fell 4% to $9.8 billion; comparable sales down 1.7% in Q3 and 3.2% YTD.
Digital sales grew 2.4% year-over-year in Q3, with digital penetration at 28% of net sales.
Gross margin for Q3 was 39.6%, up 51 bps YoY; YTD gross margin 39.8%, up 39 bps.
SG&A expenses declined 2.1% to $1.3B in Q3; year-to-date SG&A down 3.8%.
Adjusted net income was $11M in Q3 ($0.10 EPS); YTD adjusted net income $61M ($0.54 EPS).
Operating cash flow YTD $630M, up from $52M last year; adjusted free cash flow $270M.
Outlook and guidance
Full-year 2025 net sales expected to decline 3.5%-4%; comparable sales down 2.5%-3%.
Adjusted operating margin guidance of 3.1%-3.2%; adjusted diluted EPS expected between $1.25 and $1.45.
Capital expenditures planned at approximately $400M; quarterly dividend of $0.125 per share declared.
Inventory positioned well for holiday season, with earlier and better flow than last year.
Plans to resume share repurchases over the long term as leverage improves.
Rationale for new 10% senior secured notes issuance?
How did legal settlement impact 9-month GAAP EPS?
What drove the significant operating cash flow increase?
Long-term debt reduction or shareholder returns?
Refined merchandising strategy for comp growth?
Digital & AI: How to enhance customer loyalty?
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Q4 202610 Mar, 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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