KSS - Kohl's Q1 Earnings: Revenue And Profit Miss Outlook Cut Stock Tumbles | Benzinga
Kohl’s Corp (NYSE:KSS) shares are trading lower after the company reported worse-than-expected first-quarter FY24 earnings and slashed its outlook.
The company reported a first-quarter FY24 sales decline of 5.3% year-on-year to $3.178 billion, missing the analyst consensus estimate of $3.335 billion.
Comparable sales for the quarter decreased 4.4%. Gross margin for the quarter expanded by 48 basis points to 39.5%.
Operating income for the quarter was $43 million versus $98 million last year. The operating margin contracted 148 basis points to 1.3%.
Selling, general and administrative expenses decreased 0.8% to $1.2 billion. As a percentage of total revenue, SG&A expenses were 36.3%, an increase of 166 basis points year-over-year.
EPS of $(0.24) missed the analyst consensus estimate of $0.03.
Inventory ...