Kohl’s Swings to Profit in 4Q on Sephora Partnership, Improved Operations
By Thomas Green
Kohl’s Corp. (NYSE:KSS) said fourth quarter net income was $186 million compared to net loss of $273 the year prior, helped by its Sephora partnership and improved operations.
Kohl’s reported operating income in the fourth quarter was $299 million compared to a $302 million loss in the prior year. As a percentage of total revenue, operating income was 5%.
“We also simplified our value strategies and implemented new inventory management processes,” said Tom Kingsbury, Kohl’s CEO. “Our store business had its best comparable sales performance since 2010, Sephora at Kohl’s continued to drive meaningful beauty sales growth, and we managed inventory down 10% at year end.”
Kohls gave guidance for 2024 with a net sales decrease of 1% to an increase of 1%.
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