0001193125-26-115982
SEC filingKohl's 2025财年营收下滑4.0%至$14.8B，但净利因$129M诉讼和解收益大增，剔除后核心盈利微增。
Kohl's 2025财年（截至2026年1月31日）营收下滑，但盈利大幅增长，主要受一次性诉讼和解收益驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $14,775M | $15,385M | -4.0% |
| Gross Profit | $5,547M | $5,724M | -3.1% |
| Gross Margin | 37.5% | 37.2% | +34 bps |
| Operating Income | $624M | $433M | +44.1% |
| Operating Margin | 4.0% | 2.7% | +135 bps |
| Net Income | $272M | $109M | +149.5% |
| Diluted EPS | $2.38 | $0.98 | +142.9% |
| Adjusted Operating Income (Non-GAAP) | $510M | $509M | +0.2% |
| Adjusted Net Income (Non-GAAP) | $186M | $167M | +11.4% |
| Adjusted Diluted EPS (Non-GAAP) | $1.62 | $1.50 | +8.0% |
| Operating Cash Flow | $1,380M | $648M | +113.0% |
| Free Cash Flow | $1,008M | $182M | +453.8% |
增长桥：Net Sales下降$610M（-4.0%），主要由于交易量下降约4%。所有品类均下滑，仅Accessories（含Sephora）增长2.0%。Digital sales基本持平，渗透率从28%提升至29%。
Margin归因：Gross Margin提升34 bps至37.5%，主要受益于强劲的库存管理（库存下降7%）、商品组合优化及缩水率下降。SG&A占收入比例微增5 bps，主要因部分信用卡费用转移至Other Revenue，剔除该影响后SG&A下降2.8%。
盈利质量：GAAP Operating Income大幅增长主要受$129M诉讼和解收益驱动。剔除该收益及$15M门店关闭相关费用后，Adjusted Operating Income仅微增$1M，表明核心盈利能力基本持平。经营现金流$1.4B，同比大增$732M，主要受净利提升及库存下降推动，盈利质量良好。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Women's | $3,601M | -5.7% | 营收下滑，为主要品类 |
| Accessories (including Sephora) | $3,122M | +2.0% | 唯一增长品类，Sephora持续驱动 |
| Men's | $2,930M | -4.8% | 营收下滑 |
| Home | $2,212M | -4.3% | 营收下滑 |
| Children's | $1,700M | -6.5% | 营收下滑明显 |
| Footwear | $1,210M | -6.9% | 营收下滑最大 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $674M | +$540M |
| Merchandise inventories | $2,745M | -$200M |
| Total debt (incl. current) | $1,436M | +$262M |
| Operating cash flow | $1,380M | +$732M |
| Capex | $372M | -$94M |
| Free cash flow | $1,008M | +$826M |
| FCF转化率 (FCF/Net Income) | 3.7x | — |
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Net Sales | -2% to flat | reported |
| FY26 | Adjusted Operating Margin | 2.8%-3.4% | non-GAAP |
| FY26 | Adjusted Diluted EPS | $1.00-$1.60 | non-GAAP |
| FY26 | Capital Expenditures | $350M-$400M | reported |
一次性异常项：
主要风险：