Core Insights - Kohl's reported revenue of $3.58 billion for the quarter ended October 2025, reflecting a year-over-year decline of 3.6% and an EPS of $0.10 compared to $0.20 a year ago, with a revenue surprise of +2.55% over the Zacks Consensus Estimate of $3.49 billion and an EPS surprise of +152.63% over the consensus estimate of -$0.19 [1] Financial Performance - The total number of stores remained at 1,153, matching the four-analyst average estimate [4] - Comparable store sales showed a year-over-year change of -1.7%, better than the -4.2% estimated by four analysts [4] - Net sales were reported at $3.41 billion, exceeding the four-analyst average estimate of $3.32 billion, with a year-over-year change of -2.9% [4] - Other revenue was reported at $168 million, slightly above the four-analyst average estimate of $166.82 million, with a year-over-year decline of 17.2% [4] Stock Performance - Kohl's shares have returned -3.9% over the past month, compared to the Zacks S&P 500 composite's -1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Net sales declined by 2.8% in Q3 and 4% year-to-date, with comparable sales down 1.7% in Q3 and 3.2% year-to-date [32] - Adjusted net income for Q3 was $11 million, equating to an adjusted diluted earnings per share of $0.10, while year-to-date adjusted net income is $61 million with adjusted diluted earnings per share of $0.54 [36][37] - Gross margin improved to 39.6%, an increase of 51 basis points year-over-year, driven by strong inventory management and product mix benefits [34] - SG&A expenses declined by 2.1% to $1.3 billion in Q3, with year-to-date SG&A expenses down 3.8% [35] Business Line Data and Key Metrics Changes - Digital sales grew by 2.4% versus last year, outperforming store sales, driven by increased traffic [33] - Women's business showed significant improvement, particularly in proprietary brands, contributing positively to overall performance [14] - Men's business also improved, with proprietary brands performing well and dress and tailored categories seeing strong sales [15] - Accessories, particularly jewelry, saw a 10% increase in Q3, while home categories showed improvement, especially in soft home products [17][18] Market Data and Key Metrics Changes - Comparable sales performance improved with a positive 1% in October, following a decline in September due to unseasonably warm weather [11] - Low-to-middle-income consumers are increasingly seeking value, impacting overall consumer behavior [12] Company Strategy and Development Direction - The company is focused on three key priorities for its 2025 initiatives: offering a curated assortment, reestablishing Kohl's as a leader in value and quality, and delivering a frictionless shopping experience [12][18] - There is a commitment to enhancing proprietary brands and optimizing the balance between national and proprietary brands to meet customer needs [19][21] - The company is leveraging artificial intelligence to improve efficiency and customer experience across digital platforms [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing pressure on discretionary income for low-to-middle-income consumers and anticipates this behavior to continue into Q4 [12][39] - The company is optimistic about its positioning for the holiday season, emphasizing exceptional value and exclusive offerings [27][30] - Management remains focused on restoring trip assurance and improving inventory allocation to enhance the shopping experience [26] Other Important Information - The company ended Q3 with $144 million in cash and cash equivalents, with inventory decreasing approximately 5% compared to last year [37] - Capital expenditures are projected to be around $400 million for the year, primarily for the completion of Sephora rollouts and other strategic initiatives [38] Q&A Session Summary Question: How is the company connecting with former and lapsed customers? - Management noted that core customers continued to shop, but some trips were lost. Marketing efforts are being ramped up to re-engage these customers, particularly through personalized coupons and inventory availability [42][43] Question: Can you break down the $1.3 billion of operating cash flow? - The majority of the cash flow is attributed to strong inventory management, with a focus on maintaining lower inventory levels while improving sales performance [50][51] Question: Which strategic initiatives are showing the most promise? - The focus on building a more balanced assortment and enhancing proprietary brands has shown significant progress, particularly in women's categories [58][60] Question: What is the outlook for gross margin in Q4? - Management expects continued benefits from inventory management and product mix, but anticipates some headwinds due to increased digital sales and promotional activities [76][77] Question: What is the current debt position and outlook? - The company has approximately $1.5 billion in debt, with plans to exit the revolver by the end of the year, positioning itself well for future liquidity [79][80]

Financial Data and Key Metrics Changes - Net sales declined by 2.8% in Q3 and 4% year-to-date, with comparable sales down 1.7% in Q3 and 3.2% year-to-date [32] - Adjusted net income for Q3 was $11 million, equating to an adjusted diluted earnings per share of $0.10, while year-to-date adjusted net income is $61 million with adjusted diluted earnings per share of $0.54 [36][37] - Gross margin improved to 39.6%, an increase of 51 basis points year-over-year, driven by strong inventory management and product mix benefits [34] - SG&A expenses declined by 2.1% to $1.3 billion in Q3, with year-to-date SG&A expenses down 3.8% [35] Business Line Data and Key Metrics Changes - Digital sales grew by 2.4% versus last year, outperforming store sales, driven by increased traffic [33] - Women's business showed significant improvement, particularly in proprietary brands, while men's business also ran in line with company performance [12][15] - Accessories, including Sephora and jewelry, contributed positively, with Sephora running up 2% in the quarter [16][17] Market Data and Key Metrics Changes - Comparable sales performance improved with a positive 1% in October, following a decline in September due to unseasonably warm weather [10] - Low-to-middle-income consumers are increasingly seeking value, impacting overall sales performance [11] Company Strategy and Development Direction - The company is focused on three key priorities: offering a curated assortment, reestablishing Kohl's as a leader in value and quality, and delivering a frictionless shopping experience [11][18] - Strategic initiatives include enhancing proprietary brands and optimizing store layouts to improve customer experience [23][24] - The company aims to leverage AI to improve efficiency and customer engagement [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing pressure on discretionary income for low-to-middle-income consumers and anticipates this behavior to continue into Q4 [11] - The company is optimistic about its positioning for the holiday season, emphasizing exceptional value and exclusive offerings [27][30] - Management remains committed to executing the 2025 initiatives and recognizes the need for further improvements [39] Other Important Information - The company ended Q3 with $144 million in cash and cash equivalents, with inventory decreasing approximately 5% compared to last year [37] - Capital expenditures are projected to be approximately $400 million for the year, focusing on Sephora rollout and e-commerce fulfillment [38] Q&A Session Summary Question: How is the company connecting with former and lapsed customers? - Management noted that core customers were still shopping, but some trips were lost. Marketing efforts are being ramped up to re-engage these customers [42][43] Question: Can you break down the $1.3 billion of operating cash flow? - The majority of cash flow is attributed to strong inventory management, with a focus on maintaining low inventory levels [50][51] Question: Which strategic initiatives are showing the most promise? - The focus on building a more balanced assortment and enhancing proprietary brands has shown significant progress [58][60] Question: What is the outlook for gross margin in Q4? - Management expects continued benefits from inventory management and product mix, but anticipates some headwinds due to increased digital sales and promotional activities [76][77] Question: What is the current debt position and outlook? - The company has approximately $1.5 billion in debt, with plans to exit the revolver by the end of the year, positioning itself well for future liquidity [79][80]

Best Buy - Best Buy reported better than expected earnings with EPS at $1.40, surpassing the street's expectation of $1.31 [2][3] - Revenue reached $9.67 billion, reflecting a 9.6% increase, driven by strong sales in computing, gaming, and mobile phones [2][3] - US same-store sales rose by 2.4%, while online same-store sales increased by 3.5%, and global international same-store sales jumped by 6.3% [2][3][4] - The company raised its fiscal year revenue guidance to a range of $41.65 billion to $41.95 billion, up from the previous range of $41.1 billion to $41.9 billion [3][4] - Adjusted EPS guidance was also increased to a range of $6.25 to $6.34, higher than the previous range of $6.15 to $6.30 [3][4] - Best Buy expects comparable sales to turn positive for the first time in three years, projecting a range of 0.5% to 1.2% growth [4] Dick's Sporting Goods - Dick's Sporting Goods reported better than expected revenue of $4.17 billion, but adjusted EPS fell short at $2.07 compared to the expected $2.70 [8][9] - The acquisition of Foot Locker contributed to topline growth, but profitability was impacted due to associated costs [9][10] - The company plans to close some Foot Locker stores as part of a broader restructuring aimed at improving profitability [9][10] - Foot Locker has underperformed for years, and Dick's expects its comparable sales to decline in the mid to high single digits [10][11] Kohl's - Kohl's exceeded expectations with adjusted EPS of $0.10, while revenue was reported at $3.41 billion [11][12] - The stock surged over 30% following the strong results, marking a significant rally for the company [12][13] - The interim CEO, now official CEO, Michael Bender, expressed satisfaction with the third consecutive quarter of better-than-expected performance [13] - Despite raising their full-year earnings outlook, Kohl's still anticipates a decline in net sales, though less severe than previously projected [13] Abercrombie & Fitch - Abercrombie & Fitch shares rose by 19%, indicating positive market sentiment towards the retailer [14]

Financial Data and Key Metrics Changes - Net sales declined by 2.8% in Q3 and 4% year-to-date, with comparable sales down 1.7% in Q3 and 3.2% year-to-date [29][30] - Adjusted net income for Q3 was $11 million, equating to an adjusted diluted earnings per share of $0.10, while year-to-date adjusted net income is $61 million with an adjusted diluted earnings per share of $0.54 [32][33] - Gross margin improved to 39.6%, an increase of 51 basis points year-over-year, driven by strong inventory management and product mix benefits [31][32] Business Line Data and Key Metrics Changes - Digital sales grew by 2.4% versus last year, outperforming store sales, with traffic increasing from high single digits in August to high teens in October [30] - Women's business showed significant improvement, particularly in proprietary brands, while men's business also saw positive performance driven by clarity in offerings [12][13] - Accessories, including Sephora and jewelry, contributed positively, with Sephora running up 2% and jewelry increasing by 10% in Q3 [14][15][16] Market Data and Key Metrics Changes - The company noted that low-to-middle-income consumers are increasingly choiceful due to pressure on discretionary income, impacting overall sales performance [10][36] - The macroeconomic environment remains uncertain, particularly affecting younger customers and those with limited income [10][36] Company Strategy and Development Direction - The company is focused on three key priorities for its 2025 initiatives: offering a curated assortment, reestablishing Kohl's as a leader in value and quality, and delivering a frictionless shopping experience [10][11][21] - There is a commitment to enhancing proprietary brands and optimizing store layouts to improve customer experience and drive sales [19][22] - The company is leveraging artificial intelligence to improve operational efficiency and customer engagement [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming holiday season, highlighting improved inventory positioning and exclusive offerings [25][26] - The company anticipates a net sales decline of 3.5%-4% for the full year, with a focus on maintaining cost discipline and improving cash flow [36][37] Other Important Information - The company ended Q3 with $144 million in cash and cash equivalents, with inventory decreasing approximately 5% compared to last year [33][34] - Capital expenditures are projected to be around $400 million for the year, primarily for the completion of Sephora rollouts and other strategic initiatives [34] Q&A Session Summary Question: How is the company connecting with former and lapsed customers? - The company has been using data to target core customers with personalized marketing and has seen a 500 basis point improvement in Kohl's Card customer engagement [38][39] Question: Can you break down the $1.3 billion of operating cash flow? - The majority of cash flow is attributed to strong inventory management, with a focus on maintaining low inventory levels [41][42] Question: Which strategic initiatives are showing the most promise? - The focus on building a more balanced assortment and enhancing proprietary brands has been particularly effective [46][47] Question: What is the outlook for gross margin in Q4? - The company expects continued benefits from inventory management and proprietary brand performance, but anticipates some headwinds due to increased digital sales and promotional activities [54][56] Question: What is the current debt position and outlook? - The company has approximately $1.5 billion in debt, with plans to exit the revolver by the end of the year, positioning itself well for future liquidity [58][59]

展望未来，该公司将2025财年调整后每股收益预期从原先的0.5-0.8美元大幅上调至1.25-1.45美元，年度 销售额降幅预期也从5%-6%收窄至3.5%-4%。 周二，柯尔百货(KSS.US)开盘暴涨超30%，逼近此前7月年内高点，报20.78美元。消息面上，柯尔百货 公布了超预期的第三季度财报，同时连续第二个季度上调全年业绩指引，这一信号表明，新任首席执行 官Michael Bender正在帮助这家陷入困境的零售商重回正轨。财报显示，该公司Q3销售额同比下降2.8% 至34.1亿美元，但仍超出分析师预期的33.2亿美元。同店销售额下降1.7%，远优于市场预期的3.9%跌 幅。 ...

（原标题：美股异动 | Q3业绩超预期 柯尔百货(KSS.US)暴涨超30%） 展望未来，该公司将2025财年调整后每股收益预期从原先的0.5-0.8美元大幅上调至1.25-1.45美元，年度 销售额降幅预期也从5%-6%收窄至3.5%-4%。 智通财经APP获悉，周二，柯尔百货(KSS.US)开盘暴涨超30%，逼近此前7月年内高点，报20.78美元。 消息面上，柯尔百货公布了超预期的第三季度财报，同时连续第二个季度上调全年业绩指引，这一信号 表明，新任首席执行官Michael Bender正在帮助这家陷入困境的零售商重回正轨。财报显示，该公司Q3 销售额同比下降2.8%至34.1亿美元，但仍超出分析师预期的33.2亿美元。同店销售额下降1.7%，远优于 市场预期的3.9%跌幅。 ...

柯尔百货(KSS.US)暴涨超33%，最高触及20.93美元，创逾四个月新高。 消息面上，柯尔百货Q3销售额34.1亿美元，超过分析师预期的33.2亿美元；调整后净利润为1100万美 元，合每股收益0.10美元，远超市场预期的亏损0.17美元；同店销售额下降1.7%，远优于市场预期的 3.9%跌幅。该零售商将2025财年调整后每股收益预期从0.5-0.8美元大幅上调至1.25-1.45美元，销售额降 幅预期也从5%-6%收窄至3.5%-4%。(格隆汇) ...

Core Insights - Kohl's reported quarterly earnings of $0.1 per share, exceeding the Zacks Consensus Estimate of a loss of $0.19 per share, and down from earnings of $0.2 per share a year ago, representing an earnings surprise of +152.63% [1] - The company posted revenues of $3.58 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 2.55%, but down from $3.71 billion in the same quarter last year [2] - Kohl's has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $5.07 billion, and for the current fiscal year, it is $0.68 on revenues of $15.34 billion [7] - The trend of estimate revisions for Kohl's was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Retail - Regional Department Stores industry, to which Kohl's belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Q3 2025 Performance - Net sales decreased by (2.8%) compared to Q3 2024[53] - Comparable sales decreased by (1.7%)[53] - Gross margin increased by 51 bps compared to Q3 2024, reaching 39.6%[53, 57] - SG&A expense decreased by (2.1%) compared to Q3 2024[53] - Adjusted operating income was $77 million[53] - Adjusted net income was $11 million, or $0.10 of adjusted earnings per diluted share[53] Balance Sheet and Leverage - Net debt + leases to adjusted EBITDAR leverage ratio is 2.6x when adjusting for actual lease periods exercised, compared to an unadjusted ratio of 4.5x[62, 64] 2025 Outlook - Net sales are expected to decline by (3.5%) to (4%) compared to 2024[81] - Comparable sales are expected to decline by (2.5%) to (3%)[81] - Adjusted operating margin is projected to be 3.1% to 3.2%[81] - Adjusted diluted EPS is expected to be $1.25 to $1.45[81]