Exhibit 99.1

Kohl's Corporation Reports Financial Results

 

 

Comparable sales decrease 3.4%

 

Diluted earnings per share of $0.38

 

Adjusted diluted earnings per share(1) of $0.61

 

MENOMONEE FALLS, Wis.--(BUSINESS WIRE)—May 21, 2019-- Kohl’s Corporation (NYSE:KSS) today reported results for the quarter ended May 4, 2019.

 

 

Three Months

($ in millions, except per share data)

 

2019

2018

Change

Total revenue

  $

4,087

 

  $

4,208

 

 

(2.9

)%

Comparable sales

 

(3.4

)%

 

3.6

%

 

 

 

Gross margin

 

36.8

%

 

36.9

%

(6) bps

 

Selling, general, and administrative expenses

  $

1,275

 

  $

1,259

 

 

1.2

%

Reported

 

 

 

 

 

 

 

 

 

Net income

  $

62

 

  $

75

 

 

(17

)%

Diluted earnings per share

  $

0.38

 

  $

0.45

 

 

(16

)%

Non-GAAP(1)

 

 

 

 

 

 

 

 

 

Net income

  $

98

 

  $

107

 

 

(8

)%

Diluted earnings per share

  $

0.61

 

  $

0.64

 

 

(5

)%

(1) Excludes Impairments, store closing and other costs in 2019 and Loss on extinguishment of debt in 2018.

 

Michelle Gass, Kohl's chief executive officer, said, "The year has started off slower than we’d like, with our first quarter sales coming in below our expectation.  We are actively addressing the opportunities that impacted our first quarter sales and we have strong initiatives that will enhance our sales performance in the second half.  We are incredibly excited about our nationwide rollout of the Amazon returns program as well as several important brand launches and program expansions.  Operationally, the team reacted appropriately throughout the quarter by managing expenses in line with our expectations.  While we are planning the year more conservatively, we continue to invest in our business and operate with a view on our long-term success." 

 

Dividend

On May 15, 2019, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.67 per share. The dividend is payable June 26, 2019 to shareholders of record at the close of business on June 12, 2019.

 

Guidance Update

The Company now expects adjusted annual earnings per diluted share to be $5.15 to $5.45, compared to its prior guidance of $5.80 to $6.15.

 

First Quarter 2019 Earnings Conference Call

Kohl's will host its quarterly earnings conference call at 9:00 am ET on May 21, 2019. The phone number for the conference call is (800) 230-1085. Replays of the call will be available for 30 days by dialing (800) 475-6701.  The conference ID is 465049. The conference call and replays are also accessible via the Company's web site at http://corporate.kohls.com/investors/events-and-presentations.

 


The following information was filed by Kohls Corp (KSS) on Tuesday, May 21, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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