Kohl's Beats On Q3; Withdraws FY22 Outlook Citing Market Volatility, CEO Transition

Shivani Kumaresan
1 min read
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In this article:

  • Kohl's Corp (NYSE: KSS) reported a third-quarter FY22 sales decline of 7% year-on-year to $4.28 billion, beating the consensus of $4.06 billion.

  • Q3 comparable sales decreased 6.9% versus last year.

  • Gross margin for the quarter contracted by 263 basis points to 37.3%. The operating margin was 4.7%, and operating income for the quarter fell 48.3% Y/Y to $200 million.

  • Selling, general and administrative expenses decreased 3.3% Y/Y to $1.3 billion.

  • Adjusted EPS of $0.82 topped the consensus of $0.78.

  • Kohl's held $194 million in cash and equivalents as of October 29, 2022.

  • The company's Board recently declared a quarterly cash dividend of $0.50 per share, payable December 21, 2022, to shareholders of record on December 7, 2022.

  • Outlook: Given the recent volatility in business trends, the significant macroeconomic headwinds, along with the unexpected CEO transition, the company will not be providing guidance for the fourth quarter and has withdrawn FY22 guidance.

  • Price Action: KSS shares are trading lower by 3.29% at $28.82 in premarket on the last check Thursday.

  • Photo Via Company

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