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Kohl's Corporation (KSS+0.80%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $3.5 billion from $3.8 billion in the same quarter the previous year. Comparable sales decreased by 9.3%.
Gross margin as a percentage of net sales increased to 39.1% from 38.9% in the previous year. This was attributed to strong inventory management and lower freight costs.
Selling, general, and administrative expenses decreased to $1.3 billion from $1.4 billion, but increased as a percentage of total revenue to 34.8% from 33.5% due to lower revenue.
Net income for the quarter was $22 million, down from $59 million in the previous year. Earnings per diluted share were $0.20, compared to $0.53 in the previous year.
Operating cash flow was $52 million year to date, compared to $379 million in the previous year. The decrease was primarily due to lower net income and the timing of payments.
Capital expenditures for the year are expected to be approximately $500 million, including investments in Sephora partnership expansions and new store openings.
The company announced a quarterly cash dividend of $0.50 per share, payable on December 24, 2024, to shareholders of record on December 11, 2024.
Kohl's continues to focus on enhancing the customer experience, simplifying value strategies, managing inventory, and strengthening its balance sheet as part of its long-term strategy.
The company announced that Thomas A. Kingsbury will step down as CEO, effective January 15, 2025, with J. Ashley Buchanan appointed as the new CEO.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kohl's Corporation quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.