Kohl’s Corporation (NYSE:KSS) reported results for the quarter ended May 1, 2021.
“We are very pleased with our strong start to 2021 with both sales and earnings materially exceeding expectations. Along with a favorable consumer spending backdrop, we continue to see our key strategic initiatives gain traction and resonate with customers. We saw momentum build through the quarter, especially in our stores where we continue to elevate the experience. We are eagerly preparing for the upcoming launch of our Sephora partnership as well as the introduction of several new exciting brands this fall,” said Michelle Gass, Kohl’s chief executive officer.
“We are positioned to capitalize on growth opportunities during the balance of 2021 and remain firmly on track to achieving our 2023 strategic goals. Based on our first quarter results, we are raising our full year 2021 guidance,” said Gass.
- First quarter net sales and earnings exceed expectations and company raises full year 2021 financial outlook
- First quarter net sales increase 69.5%
- First quarter diluted earnings per share of $0.09; adjusted diluted earnings per share) of $1.05
- Strengthened financial position during the quarter, reducing long-term debt by over $500 million and ending with $1.6 billion in cash
- Raises full year 2021 net sales to increase in the mid-to-high teens percentage range as compared to 2020, operating margin to be in the range of 5.7% to 6.1% and adjusted earnings per share to be in the range of $3.80 to $4.20, excluding any non-recurring charges
Updated 2021 Financial Outlook
The Company is raising its full year 2021 financial outlook to include the following:
- Net sales is now expected to increase in the mid-to-high teens percentage range compared to the previous expectation of mid-teens percentage rate increase
- Operating margin is now expected to be in the range of 5.7% to 6.1% compared to the previous expectation of 4.5% to 5.0%
- Adjusted earnings per share is now expected to be in the range of $3.80 to $4.20, excluding any non-recurring charges, compared to the previous expectation of $2.45 to $2.95
Kohl’s (NYSE: KSS) is a leading omnichannel retailer with more than 1,100 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, Kohl’s offers amazing national and exclusive brands, incredible savings and an easy shopping experience in our stores, online at Kohls.com and on Kohl’s mobile app. Since its founding, Kohl’s has given more than $750 million to support communities nationwide, with a focus on family health and wellness. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.