第二季度业绩方面，该公司净销售额从上年同期的35.3亿美元下降至33.5亿美元，但超出华尔街预期的 33.2亿美元，调整后每股收益为56美分，远超29美分的市场预期，同店销售额下降4.2%，低于分析师预 估的5%降幅。 智通财经APP获悉，周三，柯尔百货(KSS.US)开盘大涨超22%，报15.90美元。消息面上，该公司因上调 全年业绩预期，释放出这家陷入困境的零售商转型策略初见成效的积极信号。财报显示，该公司目前预 计，今年同店销售额降幅将收窄至5%以内，优于此前预估的6%降幅，净销售额将下降5%至6%，较此 前预测的降幅5%至7%有所收窄，同时预计全年每股收益为50至80美分，较此前10至60美分的宽泛预测 区间显著提升。 ...

Financial Data and Key Metrics Changes - The company reported a net sales decline of 5.1% in Q2 and 4.6% year-to-date, with comparable sales down 4.2% in Q2 and 4% year-to-date [31][32] - Adjusted earnings per diluted share were $0.56 for the quarter, with adjusted net income of $64 million [37][30] - Gross margin increased by 28 basis points to 39.9% in Q2, driven by category mix benefits and strong inventory management [35][31] - SG&A expenses decreased by 4.1% to $1.2 billion in Q2, benefiting from lower spending [35][31] Business Line Data and Key Metrics Changes - The women's category showed improvement, particularly in proprietary brands, with a flat comp performance in July [11][12] - The accessories business outperformed the company average, driven by jewelry and the Sephora partnership, with jewelry sales up 12% [13][16] - Men's and kids' categories were the weakest performers, with declines in spring assortments, although proprietary brands like Tech Gear showed strength [18] Market Data and Key Metrics Changes - Digital sales outpaced store sales, driven by strong conversion rates and improved coupon offerings [32][33] - The Kohl's card customer segment underperformed, with sales down in the low teens, while new and non-Kohl's card customers showed positive growth [33][34] Company Strategy and Development Direction - The company is focused on three strategic priorities: offering a curated assortment, reestablishing value and quality, and delivering a frictionless shopping experience [9][19] - There is an emphasis on proprietary brands to enhance customer trust and loyalty, with plans to introduce new proprietary brands [20][21] - The company is adjusting its promotional strategies to include more brands in coupon eligibility, which has shown immediate positive impacts on digital sales [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment and consumer pressure, particularly among lower to middle-income customers [8][40] - The outlook for the remainder of the year includes a projected net sales decline of 5% to 6%, with a focus on maintaining gross margin expansion [40][41] - Management expressed confidence in the company's ability to build on momentum from the first half of the year, despite ongoing uncertainties [30][40] Other Important Information - The company ended the quarter with $174 million in cash and cash equivalents, and inventory levels declined by 5% [38][39] - Capital expenditures for the year are expected to be around $400 million, primarily for Sephora and Impulse line rollouts [39] Q&A Session Summary Question: What initiatives are having the greatest impact on the top line? - Management highlighted the focus on proprietary brands and their alignment with consumer value preferences as key drivers for improvement [45][46] Question: How do you see the cadence of comps for Q3 and Q4? - Management expects a similar cadence to the first half, with some potential upsides in both quarters [51][52] Question: Can you provide updates on adding brands back to coupon eligibility? - Management confirmed the addition of about 50 brands, with immediate positive impacts seen in digital sales [58][59] Question: What are the key drivers of comp metrics? - The primary driver of improvement was traffic, with efforts focused on regaining trips from core customers [68][70] Question: How is the company addressing tariff impacts? - Management is actively negotiating with suppliers and adjusting buying strategies to mitigate tariff impacts while maintaining competitive pricing [71][73]

Financial Data and Key Metrics Changes - Comparable sales decreased by 4.2% in Q2 2025, with adjusted earnings per diluted share at $0.56, both exceeding expectations [6][32] - Net sales declined by 5.1% in Q2 and 4.6% year-to-date, primarily due to fewer transactions in stores [32] - Gross margin increased by 28 basis points to 39.9% in Q2, driven by category mix benefits and strong inventory management [35][36] - SG&A expenses decreased by 4.1% to $1.2 billion in Q2, benefiting from lower spending in stores and marketing [36] Business Line Data and Key Metrics Changes - Women's business showed improvement, particularly in proprietary brands, with a flat comp performance in July [12][21] - Jewelry business outperformed with a 12% increase compared to last year, driven by investments in fashion jewelry [14][15] - Men's and kids' categories were the weakest performers, with declines in spring seasonal assortments [19] Market Data and Key Metrics Changes - Digital sales outpaced store sales, driven by strong conversion rates and improved coupon offerings [33] - Kohl's card customer segment underperformed, with sales down in the low teens for the quarter [33] Company Strategy and Development Direction - The company is focused on three strategic priorities: offering a curated assortment, reestablishing Kohl's as a leader in value and quality, and delivering a frictionless omnichannel experience [10][20][25] - There is an emphasis on proprietary brands to enhance value and customer loyalty, with plans to introduce new proprietary brands [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing macroeconomic challenges and consumer pressure, particularly among lower to middle-income customers [8][41] - The outlook for the remainder of the year anticipates a net sales decline of 5% to 6%, with comparable sales expected to decline by 4% to 5% [41][42] Other Important Information - The company ended the quarter with $174 million in cash and cash equivalents, and inventory levels declined by 5% [38][39] - Capital expenditures for the year are expected to be around $400 million, focusing on Sephora rollout and other initiatives [40] Q&A Session Summary Question: What initiatives are having the greatest impact on the top line? - Management highlighted the focus on proprietary brands and their alignment with consumer value preferences as key drivers for improvement [44][45] Question: How do you see the cadence of comps for Q3 and Q4? - Management expects a similar cadence to Q2, with some potential upsides in both quarters due to improved traffic and digital performance [50][51] Question: Can you provide an update on adding brands back to coupon eligibility? - Management confirmed that they have added about 50 brands back to coupon eligibility, which has positively impacted digital sales [57][58] Question: What are the key drivers of comp metrics? - The primary driver of improvement has been traffic, with efforts focused on regaining customer trips and engagement [67][70] Question: How is the company addressing tariff impacts? - Management is actively negotiating with suppliers and adjusting buying strategies to mitigate tariff impacts while maintaining competitive pricing [72][74]

Financial Data and Key Metrics Changes - Comparable sales decreased by 4.2% in Q2 2025, with adjusted earnings per diluted share at $0.56, both exceeding expectations [6][32] - Net sales declined by 5.1% in Q2 and 4.6% year-to-date, primarily due to fewer transactions, especially in stores [32] - Gross margin increased by 28 basis points to 39.9% in Q2, driven by category mix benefits and strong inventory management [35][36] - SG&A expenses decreased by 4.1% to $1.2 billion in Q2, benefiting from lower spending in stores and marketing [36] - Adjusted net income for the quarter was $64 million, with a one-time pretax gain of $129 million from a credit card interchange fee lawsuit [38] Business Line Data and Key Metrics Changes - Women's business showed improvement, particularly in proprietary brands, with a nearly 40% increase in the petites category [12][14] - Jewelry business grew by 12% year-over-year, driven by investments in fashion jewelry and establishing a destination for accessories [14][15] - Men's and kids' categories were the weakest performers, with declines in spring seasonal assortments [19] - Digital sales outpaced store sales, driven by strong conversion rates and improved coupon offerings [33] Market Data and Key Metrics Changes - Lower to middle-income customers remain pressured, prioritizing value and trading down to lower price point products [8][10] - Higher-income customers have shown more resilience in spending [8] - The digital channel has seen strong performance, particularly from new and non-Kohl's card customers [33] Company Strategy and Development Direction - The company is focused on three strategic priorities: offering a curated assortment, reestablishing Kohl's as a leader in value and quality, and delivering a frictionless omnichannel shopping experience [10][20] - There is an emphasis on investing in proprietary brands to enhance customer trust and loyalty [21][23] - The company aims to improve promotional strategies by making more brands coupon eligible, which has already shown positive results [24][25] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing macroeconomic challenges and consumer pressure, particularly among lower-income customers [10][41] - The outlook for the remainder of the year anticipates a net sales decline of 5% to 6%, with comparable sales expected to decline by 4% to 5% [41][42] - Management remains optimistic about the progress made against strategic initiatives, although they recognize that these efforts will take time to yield results [31][41] Other Important Information - The company ended the quarter with $174 million in cash and cash equivalents, and inventory levels declined by 5% [39] - Capital expenditures for the year are expected to be around $400 million, focusing on Sephora rollout and other strategic initiatives [40] Q&A Session Summary Question: What initiatives are having the greatest impact on the top line? - Management highlighted the focus on proprietary brands and their alignment with consumer value preferences as key drivers for improvement [44][45] Question: How do you see the cadence of comps in Q3 and Q4? - Management expects a similar cadence, with some potential upsides in both quarters, driven by strong inventory management and proprietary brand performance [50][52] Question: Can you provide an update on adding brands to coupon eligibility? - Management confirmed that they have added about 50 brands recently, with immediate positive impacts seen in the digital channel [57][58] Question: What are the key drivers of comp metrics? - The primary driver of improvement has been traffic, with a focus on regaining trips from core customers [67][70] Question: How is the company addressing tariff impacts? - Management is actively negotiating with suppliers and adjusting buying strategies to mitigate tariff impacts while maintaining competitive pricing [72][74]

Q2 2025 Financial Performance - Net sales decreased by (5.1%) compared to Q2 2024[50] - Comparable sales declined by (4.2%)[50] - Gross margin increased by 28 basis points to 39.9% compared to 39.6% in Q2 2024[50, 52] - SG&A expense decreased by (4.1%) compared to last year[50] - Adjusted operating income was $161 million[50] - Adjusted net income was $64 million, or $0.56 of adjusted earnings per diluted share[50] Balance Sheet and Leverage - Net debt + leases to adjusted EBITDAR leverage ratio is 2.6x when adjusting for actual lease periods exercised, down from the unadjusted ratio of 4.4x[59, 61] - Merchandise inventories decreased to $2.994 billion from $3.151 billion[64] 2025 Outlook - Net sales are expected to decrease by (5%) to (6%) versus 2024[68] - Comparable sales are expected to decrease by (4%) to (5%)[68] - Adjusted operating margin is projected to be 2.5% to 2.7%[68] - Adjusted diluted EPS is expected to be $0.50 to $0.80[68]

柯尔百货(KSS.US)盘前大涨超20%，报15.65美元。 另外，公司上调全年业绩指引，目前预计同店销售额降幅将收窄至5%以内，此前预期降幅为6%；净销 售额将下降5%至6%，此前预期降幅为5%至7%；每股收益将介于50至80美分之间，此前预期为10至60 美分。(格隆汇) 消息面上，柯尔百货公布第二季度业绩，净销售额同比下降约5%至33.5亿美元，仍超出分析师预期的 33.2亿美元；调整后每股收益为56美分，亦超过预期的29美分；同店销售额下降4.2%，低于分析师预期 的5%降幅。 ...

Core Insights - Kohl's Corporation (KSS.US) has raised its full-year performance expectations, indicating that its transformation strategy is beginning to show positive results, leading to a significant increase in stock price [1] Financial Performance - The company now expects same-store sales to decline by less than 5%, an improvement from the previous estimate of a 6% decline. Net sales are projected to decrease by 5% to 6%, better than the earlier forecast of a 5% to 7% decline. The expected earnings per share for the year have been raised to between $0.50 and $0.80, compared to the previous range of $0.10 to $0.60 [1] - In the second quarter, net sales fell from $3.53 billion to $3.35 billion year-over-year but exceeded Wall Street's expectation of $3.32 billion. Adjusted earnings per share were $0.56, significantly higher than the market expectation of $0.29. Same-store sales declined by 4.2%, which was better than the analysts' forecast of a 5% decline [1][2] Strategic Initiatives - Recent initiatives focusing on premium jewelry and optimizing women's apparel have helped Kohl's regain consumer interest. Collaborations with brands like Sephora and Toys "R" Us have stimulated consumer spending and increased foot traffic [2] - The company has introduced more coupons for branded products to maintain loyalty among middle- and low-income customers amid inflationary pressures [2] Leadership and Management Changes - Kohl's has experienced significant leadership changes, with three CEOs in the past three years. The leadership turmoil began in late 2022 when former CEO Michelle Gass left for Levi's. Tom Kingsbury, the former CEO of Burlington Stores, took over but announced his departure after two years. Ashley Buchanan, who succeeded him, was dismissed within four months due to a conflict of interest involving a supplier [3] - Michael Bender, a board member since 2019, is currently serving as the interim CEO while the company searches for a new permanent leader [3] Financial Concerns - The company has extended payment terms with suppliers, a common retail strategy to manage cash flow. Although specific adjustments were not detailed, the company stated it regularly reviews operations for efficiency [4] - Kohl's currently has over $2 billion in debt, including $360 million in recently issued junk bonds intended to pay off debts maturing this year. However, the interim CEO noted that the better-than-expected performance indicates that the company's transformation strategy is gaining consumer acceptance [4] - Inventory levels have improved, with the end-of-quarter inventory reduced to $3 billion, a 5% decrease year-over-year [4]

Core Viewpoint - Kohl's has raised its annual profit forecast while undergoing a transformation to control costs and regain consumer interest during the critical holiday shopping season, resulting in a 15% increase in its stock price during pre-market trading [1] Financial Performance - Kohl's now expects annual earnings per share (EPS) to be between $0.50 and $0.80, compared to a previous forecast range of $0.10 to $0.60 [1] - The company reported a second-quarter adjusted EPS of $0.56, significantly exceeding market expectations of $0.29 [1] Operational Changes - Earlier this year, Kohl's closed an e-commerce fulfillment center in Ohio and scaled back its in-store jewelry business while reducing inventory of its private label products [1] - During the quarter ending August 2, same-store sales decreased by 4.2%, which was less than the market expectation of a 5% decline [1] Management Commentary - Michael Bender, the interim CEO of Kohl's, stated that the company successfully expanded gross margins, reduced inventory, and lowered expenses, leading to solid profitability in the second quarter [1]

Kohl’s offered a more optimistic view for full-year sales, a sign that the troubled retailer’s turnaround efforts are gaining traction https://t.co/CwVeQjnsu5 ...

Financial Performance - Net sales for Q2 2025 decreased by 5.1% year-over-year to $3.3 billion, with comparable sales down 4.2%[5] - Gross margin increased by 28 basis points to 39.9% of net sales[6] - Diluted earnings per share (EPS) for Q2 2025 was $1.35, compared to $0.59 in the prior year[6] - Operating income rose to $279 million, an increase of 343 basis points year-over-year, with an operating margin of 7.9%[6] - Net income for the six months ended August 2, 2025, increased to $139 million, compared to $39 million for the same period in 2024, representing a significant growth[19] Cash Flow and Liquidity - Operating cash flow improved to $598 million, up from $254 million in the prior year[6] - Net cash provided by operating activities rose to $506 million, up from $247 million year-over-year[19] - Cash and cash equivalents at the end of the period were $174 million, down from $231 million at the end of the previous year[19] - The company experienced a net increase in cash and cash equivalents of $40 million during the period, compared to an increase of $48 million in the previous year[19] Inventory and Assets - Inventory decreased by 5% year-over-year to $3.0 billion[6] - Total current assets decreased to $3,474 million from $3,713 million, primarily due to a reduction in merchandise inventories[19] - Total assets decreased to $13,391 million from $14,180 million, reflecting a decline in both current and long-term assets[19] Liabilities and Debt - Total current liabilities decreased to $2,548 million from $3,438 million, driven by a reduction in accounts payable and borrowings under the revolving credit facility[19] - Long-term debt increased to $1,520 million from $1,173 million, indicating a rise in financial leverage[19] Capital Expenditures and Dividends - Capital expenditures for 2025 are estimated at approximately $400 million[11] - A quarterly cash dividend of $0.125 per share was declared, payable on September 24, 2025[11] - Dividends paid decreased significantly to $28 million from $111 million, reflecting a change in capital allocation strategy[19] Outlook - The company raised its full-year 2025 financial outlook, expecting net sales to decrease between 5% and 6%[11] - Adjusted diluted EPS guidance for the full year is projected to be in the range of $0.50 to $0.80[11]