Kohl's Corp (NYSE:KSS) shares dropped approximately 12% following its Q3 FY23 earnings release. Revenue fell 5.2% year-over-year to $3.84 billion, missing estimates of $4.11 billion. Comparable sales decreased by 5.5%. However, EPS of $0.53 exceeded expectations of $0.33. Gross margin improved, but operating income declined, and operating margin contracted. SG&A expenses rose, and inventory decreased by 13% Y/Y. Kohl's has $190 million in cash and cash equivalents and declared a quarterly dividend of $0.50 per share. The company revised its FY23 sales outlook to a larger decline and narrowed its EPS forecast, while maintaining its operating margin projection and lowering expected capital expenditures.