Kohl's (KSS) Misses Q1 EPS by 61c, Lowers FY Guidance, Provided Update on Strategic Alternatives Process

Kohl's (NYSE: KSS) reported Q1 EPS of $0.11, $0.61 worse than the analyst estimate of $0.72. Revenue for the quarter came in at $3.71 billion versus the consensus estimate of $3.69 billion.

GUIDANCE:

Kohl's sees FY2022 EPS of $6.45-$6.85, versus the consensus of $7.18.

• Net sales is now expected to be in the range of 0% to 1% as compared to the prior year
• Operating margin is now expected to be in the range of 7.0% to 7.2%
• Earnings per share is now expected to be in the range of $6.45 to $6.85, excluding any non-recurring charges

Process Update

The Kohl’s Board is thoroughly testing the Company’s standalone strategic plan against potential alternatives and has designated its Finance Committee to lead the ongoing review of expressions of interest. The Board engaged Goldman Sachs to conduct a broad process to explore strategic alternatives, which to date has included engagement with over 25 parties. Multiple bidders have been invited to a data room containing over 550,000 pages across over 55,000 documents, as well as meetings with management. While preliminary, non-binding proposals have been received, further diligence is ongoing and the Board has requested fully-financed final bids to be submitted in the coming weeks.

For earnings history and earnings-related data on Kohl's (KSS) click here.

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