Kohl's reported fourth-quarter fiscal 2024 net sales of $5.18 billion, a decrease from $5.71 billion in the prior year, with comparable sales falling 6.7%. The company's net income for the quarter was $48 million, or $0.43 per diluted share, down from $186 million, or $1.67 per diluted share, in Q4 2023. Adjusted earnings per share came in at $0.95.
For the full fiscal year 2024, net sales were $15.39 billion, a 7.2% decrease from $16.59 billion in fiscal 2023. The company provided a significantly cautious outlook for fiscal 2025, projecting net sales to decrease by 5% to 7% and comparable sales to decline by 4% to 6%. Diluted earnings per share are expected to be between $0.10 and $0.60.
In a move to enhance balance sheet flexibility, Kohl's announced a 75% reduction in its quarterly cash dividend, lowering it to $0.125 per share from $0.50 per share. CEO Ashley Buchanan acknowledged past strategic missteps, including deemphasizing core products and expanding coupon exclusions, which frustrated loyal customers.
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