WASHINGTON (dpa-AFX) - Department store chain Kohl's Corp. (KSS) on Tuesday
reported a profit for the fourth quarter compared to a loss last year, boosted
by improved margins and lower expenses, despite a small decline in revenues.
Adjusted earnings per share and quarterly revenues came in well above analysts'
expectations. The company initiated earnings and net sales growth guidance for
the full-year 2024, in line with estimates.

For the fourth quarter, the company reported a net income of $186 million or
$1.67 per share, compared to a net loss of $273 million or $2.49 per share in
the prior-year quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report
earnings of $1.28 per share for the quarter. Analysts' estimates typically
exclude special items.

Total revenue for the quarter declined to $5.96 billion from $6.02 billion in
the prior-year quarter. Analysts expected revenue of $5.70 billion for the
quarter.

Net sales were $5.71 billion, down 1.1 percent from last year's $5.78 billion.
Comparable sales decreased 4.3 percent.

Gross margin as a percentage of net sales improved 937 basis points to 32.4
percent and selling, general & administrative expenses as a percentage of net
sales decreased 82 basis points to 27.0 percent.

On February 28, Kohl's Board of Directors declared a quarterly cash dividend on
the Company's common stock of $0.50 per share, payable on April 3, 2024 to
shareholders of record at the close of business on March 20, 2024.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a
range of $2.10 to $2.70 per share, excluding any non-recurring charges, on net
sales between a decline of 1 percent and a growth 1 percent, with comparable
sales growth of 0 to 2 percent.

The Street is looking for earnings of $2.61 per share on a revenue decline of
0.4 percent to $16.54 billion for the year.

The Company said its guidance includes the potential impact from credit card
late fee regulatory changes in the second half of 2024.

Looking ahead, Kohl's CEO Tom Kingsbury said, 'Our strategic initiatives are
positioned to build momentum and contribute more meaningfully, and we will
partner with Babies 'R' Us to meaningfully expand our presence in the baby gear
category which represents a compelling white space opportunity for Kohl's.'

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