Kohl’s reports second quarter fiscal 2021 financial results

 

Second quarter net sales and earnings exceed expectations and company raises full year 2021 financial outlook

Second quarter net sales increase 31.4%

Record second quarter diluted earnings per share of $2.48 and company raises full year 2021 guidance to $5.80 to$6.10

Strengthened financial position during the quarter, ending with $2.6 billion in cash

Repurchased $255 million of shares in the quarter and now plans to repurchase $500 million to$700 million of shares in 2021

MENOMONEE FALLS, Wis.—(BUSINESS WIRE)—August 19, 2021— Kohl’s Corporation(NYSE:KSS) today reported results for the quarter ended July 31, 2021.Updated 2021 Financial Outlook

The Company is raising its full year 2021 financial outlook to include the following:

Net sales is now expected to increase in the low-twenties percentage range compared to the previous expectation of mid-to-high teens percentage range increase 

Operating margin is now expected to be in the range of 7.4% to 7.6% compared to the previous expectation of 5.7% to 6.1% 

Adjusted earnings per share is now expected to be in the range of $5.80 to $6.10, excluding any non-recurring charges, compared to the previous expectation of $3.80 to $4.20

Dividend

As previously announced, on August 10, 2021, Kohl’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.25 per share. The dividend is payable September 22, 2021 to shareholders of record at the close of business on September 8, 2021.