KSS earnings call summary

Prepared Highlights

• 净销售额同比下降1.7%，可比销售额同比下降1.1%；可比销售为四个季度以来最佳表现（CEO）（prepared）。
• 自有品牌可比销售额同比增长6%（CEO）（prepared）。
• 春季季节性业务同比增长中十位数（mid-teens）（CEO）（prepared）。
• Kohl‘s卡客户可比销售持平，环比Q4（中个位数下降）改善600个基点（CEO）（prepared）。
• 数字销售同比增长4%，由流量增加驱动（CFO）（prepared）。
• 包含市场平台GMV，可比销售降幅收窄约50个基点至-0.6%（CFO）（prepared）。
• 毛利率同比改善4个基点，得益于自有品牌渗透率提升，部分被数字销售增长带来的运输成本上升抵消（CFO）（prepared）。
• SG&A费用同比下降约2,000万美元或1.6%（CFO）（prepared）。
• 库存同比下降约8%；周转率改善8%（CFO）（prepared）。
• 季度末现金及现金等价物4.29亿美元，无ABL借款；去年同期现金1.53亿美元，ABL借款5.45亿美元（CFO）（prepared）。
• 资本支出8,400万美元；全年资本支出指引维持3.5亿至4亿美元（CFO）（prepared）。
• Q1以折扣价回购5,000万美元债务，实现900万美元收益（CFO）（prepared）。
• 已提交1.4亿美元第一阶段中国关税退税申请，可退税总额为1.9亿美元；Q1未收到任何退税（CFO）（prepared）。

Official guidance（CFO）（prepared）：

• 2026财年可比销售额：同比下降2%至持平
• 营业利润率：2.8%至3.4%
• 每股摊薄收益：1.00美元至1.60美元

Mgmt quotes：

• “我们很高兴看到2026年开局良好，可比销售额同比下降1.1%，是四个季度以来的最佳表现。”（CEO）
• “我们的Kohl‘s卡客户业务趋于稳定，本季度实现持平可比销售，比Q4（中个位数下降）显著改善。”（CEO）
• “数字销售增长4%，直接得益于我们为现代化和提升数字体验所做的战略投资。”（CFO）
• “我们重申全年指引：可比销售额在下降2%至持平之间，营业利润率2.8%至3.4%，每股收益1.00至1.60美元。”（CFO）
• “我们将继续加快对自有品牌的投资，进一步减少品类选择数，增加深度，预计全年库存同比下降低至中个位数。”（CFO）

Prepared Metrics

Q&A Batch (1-5 of 6)

Q1 — Mark Altschwager

• Topic: Sales improvement drivers and QTD trajectory
• Key points:
  • Proprietary brands were broad-based across women’s, men’s, kids; Juniors up 10% led by SO.
  • Spring seasonal up mid-teens; inventory clean, receipts up 1% in Q1.
  • Sales built as Q1 progressed; Q2 started with pleased performance.
• Mgmt stance: Bullish – confident in continued momentum from proprietary brands and fresh inventory.

Q2 — Oliver Chen

• Topic: Store underperformance, in-stocks, Sephora weakness, and Kohl’s Card
• Key points:
  • Apparel depth of receipts up high single digits, choices down high single digits; impulse up 50%.
  • Kohl’s Card customer comp flat (600 bps improvement from Q4); payment rates up, loss rates down.
  • Sephora underperformed; M·A·C rolling to all stores in fall; fragrance outperforms, skincare lagging.
• Mgmt stance: Neutral – in-stocks improving, but Sephora needs time; Kohl’s Card expected to improve gradually.

Q3 — Robert Drbul

• Topic: Credit business trends and expense savings
• Key points:
  • Credit customer comp flat; proprietary brands up 6% in Q1; payment rates up, loss rates down.
  • Other revenue line expected to improve; savings from technology/AI in credit servicing.
  • Corporate expense savings reinvested into marketing to drive momentum.
• Mgmt stance: Neutral – credit customer healthy but revenue recovery will lag; savings being redeployed.

Q4 — Paul Lejuez

• Topic: Tax refund impact, proprietary brand penetration, and free cash flow
• Key points:
  • Tax refunds do not correlate well with Kohl’s business; no material impact.
  • No target for proprietary brand penetration; national brands remain important; proprietary up 6% in Q1.
  • Operating cash flow ~$900 million; CapEx $350–$400 million; free cash flow ~$500–$600 million; no tariff refunds included.
• Mgmt stance: Neutral – letting customer dictate mix; cash flow guidance excludes potential tariff refunds.

Q5 — Michael Binetti (Carson on for)

• Topic: Future opportunities (men’s, footwear, Sephora) and capital allocation
• Key points:
  • M·A·C in 850 stores, rolling to all stores this year; footwear focus on Nike/Skechers for back-to-school.
  • Debt paid down $50 million in Q1; CapEx $350–$400 million for Sephora and store experience.
  • Dividend maintained; cash target ~$700 million; share buybacks considered after EBIT and profit growth stabilize.
• Mgmt stance: Cautious – prioritizing delevering and investment before resuming share repurchases.

Q&A Batch (6-6 of 6)

Q6 — Blake Anderson

• Topic: 促销优化与简化计划对利润率的影响，以及私有品牌表现
• Key points:
  • 过去通过取消可叠加优惠券简化定价，当前转向个性化定向优惠，例如Kohl's Charge会员对优惠券更敏感
  • 近几个季度AUR保持中性，ATV略升但客流量下降，本季度ATV小幅上升部分抵消客流下滑，主要来自正价销售增加
  • 私有品牌录得6%同店增长，作为入门价产品填补了前几年缺失的价位层，吸引了核心客户和新客户，尤其在当前价值导向环境下
  • 私有品牌中Flex（全品类）表现突出，已扩展至儿童区；Lauren Conrad和SO品牌在女装和青年装表现良好
• Mgmt stance: 中性偏积极，通过个性化促销、库存管理和私有品牌扩张平衡价值与利润，同时投资于价值以吸引客户回归