Kohl’s Corporation (NYSE: KSS) on Tuesday announced financial results for the third quarter of 2023, reporting lower sales and profit. The retailer also provided guidance for fiscal 2023.
Net sales decreased 5% year-over-year to $3.84 billion. Comparable sales were down 5.5%. For fiscal 2023, the company expects net sales to decline between 2.8% and 4%.
Q3 net income came in at $59 million, or $0.53 per share, compared to $97 million, or $0.82 per share last year. Gross margin as a percentage of net sales was 38.9%, up 158 basis points year-over-year. Full-year net income is expected to be in the range of $2.30 per share to $2.70 per share.