2023 Financial and Capital Allocation Outlook
For the full year 2023, the Company affirms its financial outlook and currently expects the following:
- Net sales: A decrease of (2%) to (4%), includes the impact of the 53rd week which is worth approximately 1% year-over-year.
- Operating margin: Approximately 4.0%.
- Diluted earnings per share: In the range of $2.10 to $2.70, excluding any non-recurring charges.
- Capital Expenditures: $600 million to $650 million, including expansion of its Sephora partnership and store refresh activity.
- Dividend: On May 10, 2023, Kohl’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.50 per share. The dividend is payable June 21, 2023 to shareholders of record at the close of business on June 7, 2023.
- Debt Reduction: The Company retired $164 million of bonds that matured in February 2023, and expects to retire $111 million of bonds maturing in December 2023.
