실적분석 2026년 8월 26일

Kohl's ($KSS) Q2 FY2026 Earnings Analysis — EPS Beats Big, Revenue Misses; Guidance Raised but After-Hours Weak

Earnings Scorecard

Revenue: $3.318 billion (-0.9% YoY, vs. $3.395 billion estimate) ❌ Miss

EPS (earnings per share): Pending confirmation

Guidance: Raised — FY2026 adjusted diluted EPS of $1.80–$2.40, net sales and comparable store sales of -1.5% to flat

Stock reaction: After-hours -5.15% ($16.77) — as of 08-26 20:50 Korea time

The Positives

EPS comparison: Adjusted, GAAP, and consensus comparisons pending official confirmation

Gross margin +305bp: 43.0% of net sales, up 305bp versus the prior-year period

Full-year outlook and buyback resumption: Annual guidance raised, up to $100 million share repurchase program resumed

Inventory is down from a year ago, and cash has grown meaningfully, expanding financial flexibility.

The Negatives

Net sales miss: $3.318 billion versus the $3.395 billion estimate

Comparable store sales -0.9%: Down alongside net sales versus the prior-year period

Tariff refund dependence: Roughly $150 million in refunds received during the quarter, of which about $100 million flowed through gross profit

The key question for the quality of the earnings beat is what margins look like once the tariff refund tailwind fades. If revenue keeps declining, the credibility of the raised full-year outlook could weaken as well.

What Management Said

Management indicated that the initiatives underway are heading in the right direction and assessed that comparable store sales trends improved once again this quarter. The company specified that the raised full-year outlook incorporates the tariff refund benefit received in Q2.

Market Reaction and What to Watch

Revenue came up short, and a meaningful portion of the margin improvement was tied to tariff refunds, which appears to have prompted selling as investors dig further into the pace of the core business recovery.

Need to confirm whether gross margin holds once the tariff refund benefit rolls off.

The key is whether comparable store sales return to flat territory.

Worth watching where results land within the $1.80–$2.40 full-year adjusted diluted EPS guidance range.