KOHLS Corp (KSS) FY2025 10-K Annual Report
KOHLS Corp (KSS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 20, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
KOHLS Corp FY2025 10-K Analysis
Business Overview
- • Core business model: Operates 1,175 Kohl’s stores plus e-commerce platform selling moderately-priced private and national brand apparel, footwear, beauty, and home products
- • Strategic emphasis on inclusive culture with 8 Business Resource Groups covering 10,000+ members to foster innovation and belonging
- • Average 87,000 associates employed in 2024, with 33,000 full-time and 54,000 part-time, supporting flexible staffing for seasonal demand
- • Digital sales fulfilled through 5 operational e-fulfillment centers; San Bernardino center closed in January 2025
- • Enhanced associate health and wellness benefits including paid parental leave, doula and surrogacy reimbursements, and Wellness Centers across locations
Management Discussion & Analysis
- • Revenue $15.4B in 2024, down 7.2% YoY ($1.2B decrease); Accessories grew 8.8% to $3.06B, driven by Sephora sales +25% ($1.8B total)
- • Gross margin 37.2% in 2024 vs 36.7% in 2023 (+50 bps); SG&A $5.3B down 3.7%, but deleveraged 118 bps as % of revenue
- • Best segment Accessories +8.8% to $3.06B; worst Children's down 11.7% to $1.82B
- • Operating cash flow $648M vs $1.17B in 2023; capex $466M; dividends $222M ($2.00/share); no share repurchases in 2024; reduced debt by $113M
- • 2025 capex guidance $400–425M; dividend cut to $0.125/share quarterly; credit rating downgraded with resulting higher interest costs; risk from CFPB credit card regulations pending litigation
Risk Factors
- • CFPB credit card late fees rule challenged; injunction since May 10, 2024 delays impact on Kohl’s credit card revenue
- • U.S.-only operations exposed to macroeconomic risks affecting moderate-income core customers sensitive to inflation and consumer confidence
- • Supply chain reliant on Asian imports; potential U.S. tariffs or trade policy shifts could materially harm business and liquidity
- • Omnichannel fulfillment vulnerable to third-party shipping delays, especially during peak holiday season sales volume
- • Senior management key-person risk amid labor market challenges and succession uncertainties potentially affecting leadership continuity
KOHLS Corp FY2025 Key Financial MetricsXBRL
Revenue
$16.2B
▼ -7.2% YoY
Net Income
$109M
▼ -65.6% YoY
Operating Margin
2.7%
▼ -143bp YoY
Net Margin
0.7%
▼ -114bp YoY
ROE
2.9%
▼ -528bp YoY
Total Assets
$13.6B
▼ -3.2% YoY
EPS (Diluted)
$0.98
▼ -65.6% YoY
Operating Cash Flow
$648M
▼ -44.5% YoY
Source: XBRL data from KOHLS Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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