Kohl's Posts Loss In Q4; Comps. Down 6.6%

Kohl's Corp. (KSS) posted an operating loss of $302 million in its fourth quarter. Comparable sales were down 6.6%. The company said its results reflect an ongoing challenging macroeconomic environment and a meaningful gross margin impact related to inventory actions.

Net loss was $273 million, or $2.49 per share compared to net income of $299 million, or $2.20 per share in the prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.98, for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 7.2% year-over-year, to $5.8 billion. Analysts on average had estimated $5.98 billion in revenue.

Inventory was $3.2 billion, an increase of 4% year-over-year.

For 2023, the company estimates earnings per share of $2.10 to $2.70. Net sales are projected to decline 2% to 4%. The company said it is focused on returning balance sheet to historical strength through balanced capital allocation strategy.

The company retired $164 million of bonds that matured in February 2023, and expects to retire $111 million of bonds maturing in December 2023.

Shares of Kohl's are down 9% in pre-market trade on Wednesday.

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