Kohl's Sticks To FY23 Outlook Post Q2 Earnings Beat; Inventory Declines 14%
Portfolio Pulse from Shivani Kumaresan
Kohl's Corp reported a Q2 FY23 revenue decline of 4.8% YoY to $3.90 billion, beating the analyst consensus of $3.69 billion. Comparable sales decreased 5%. Gross margin contracted by 61 basis points to 39%. Operating income was $163 million, down from $266 million last year. EPS of $0.52 beat the consensus estimate of $0.22. Inventory decreased 14% YoY to $3.5 billion. Kohl's reaffirmed FY23 sales decline of 2% - 4% and expects FY23 EPS of $2.10 - $2.70.
August 23, 2023 | 1:55 pm
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Kohl's reported a Q2 FY23 revenue decline but beat analyst estimates. The company reaffirmed its FY23 sales decline forecast.
Despite beating analyst estimates, Kohl's reported a decline in Q2 FY23 revenue and reaffirmed its FY23 sales decline forecast. This could negatively impact investor sentiment and put downward pressure on the stock in the short term.
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