Its gross margin soared 700 basis points to 38.1% as shoppers, flush with pandemic aid, did not need much promotional incentives to get them out of their houses and shopping. The rally was also abetted by the anticipation of a post-pandemic bounce back, which materialized with the company enjoying record earnings of $7.33 a share (non-GAAP) on nearly pre-pandemic revenue of $19.4 billion in FY21. November Company Presentation Strong FY21 The market initially cheered this move with shares of KSS more than doubling to $64.15 over the following three and half months. Sephora stores at the front of 850 Kohl's properties through 2023. Sephoraĭuring its stock's rebound - on Decemthe company announced a partnership with LVMH's ( OTCPK:LVMHF) personal care and beauty products retailer Sephora, in which it would be incorporating 2,500 sq. Its shares cratered to $10.89 in April 2020, setting the stage for a significant move higher. Kohl's was compelled to suspend it dividend after making one $0.704 a share distribution in March 2020. Net sales decreased 20%, gross margin fell to 31.1%, and non-GAAP earnings were negative $1.21 per share.
With the pandemic forcing store closures, FY20 was challenging. The market, no longer interested in retailers with significant brick-and-mortar footprints, compressed the stock's multiple during this period, as it entered calendar 2020 down 15% from YEFY14 at $50.95 a share, although after considering the dividend, long-term investors realized a nominal 5% total return. Owing to solid cash flow generation, Kohl's reduced its long-term debt from $2.79 billion to $1.86 billion, repurchased $2.73 billion of common stock, and increased its annual dividend from $1.80 a share to $2.68 a share, during this period. The only 'wide' range came from non-GAAP earnings, which fluctuated from $3.76 a share (FY16) to $5.60 a share (FY18). It generated gross margins on net sales between 35.7% and 36.4% and Adj. Kohl's managed anywhere between 1,154 and 1,164 stores, generating total revenue between $19.7 billion and $20.2 billion during FY15-FY19. In the five years preceding the pandemic, the company's operational and financial performances were remarkably narrow. Net sales comprise nearly 95% of total revenue, with other revenue including its own credit card operations and unused gift cards, inter alia. National brands account for approximately two-thirds of net sales, with the balance Kohl's private brands. Net sales are spread out amongst women's (27%), men's (22%), and children's (13%) apparel, home products (16%), accessories (13%), and footwear (9%). For the avoidance of doubt, FY22 refers to the 52-week period ending January 28, 2023. The company operates on a 52- or 53-week fiscal year (FY) ending the Saturday closest to January 31st. Shares of KSS trade at $19.00 a share, translating to a market cap of $2.1 billion. Kohl's opened its first location in 1962 and went public in 1992, raising gross proceeds of $155.4 million at $1.75 a share, after giving effect to three 2-for-1 stock splits. More than half of these locations have a Sephora store-in-store concept. Kohl's Corporation ( NYSE: KSS) is a Menomonee Falls, Wisconsin based omnichannel retailer, selling moderately priced private and national branded apparel, footwear, accessories, beauty, and home products out of 1,170 properties in 49 states (Hawaii) and online. With a new CEO now on board, a huge dividend yield and recent insider buying, the company popped up on our radar for further research. After a pullback, the stock trades for far less than a buyout offer that was rejected by previous management. Today, we take a deeper look at a well-known retailer. "If men liked shopping, they'd call it research."― Cynthia Nelms
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