Slide 1: Q1 Results Presentation
Q1 Results Presentation May 28, 2026 1
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anti
Slide 3: Table of Contents
Table of Contents 6 2026 Key Initiatives 10 Q1 2026 Results 15 2026 Outlook 3
Slide 4: We are pleased with our start to 2026
“We are pleased with our start to 2026. Our key initiatives continue to drive progressive improvements to the business, resulting in our best comparable sales performance in over four years. In addition, we continue to manage the business with great discipline leading to strong expense management, c
Slide 5: Kohl's is building on a solid foundation
Kohl's is building on a solid foundation Convenient Nationwide Great Product from Top Brands Omni-Channel Reach 1,151 Stores 80% of Americans live Largest department store chain in America (1) within 15 miles of a Kohl’s store 20M+ Delivering Great Value Active App Users 1,100+ Sephora @ Kohl’s (1)
Slide 6: 2026 Key Initiatives
2026 KEY INITIATIVES .-- |:
Slide 7: Offer a more curated, balanced assortment
Offer a more curated, balanced assortment KEY SIGNS OF PROGRESS FUTURE OPPORTUNITIES Delivered flat to slightly positive comps across Women’s, Kid’s, Home, Men’s and Accessories businesses • Making edits to improve assortment clarity and purpose • Juniors business grew by 10% led by strength from So
Slide 8: Reestablish Kohl's as a leader in value and quality
Reestablish Kohl’s as a leader in value and quality Unlock the power of proprietary brands and deliver a more consistent, competitive value • Proprietary brands are key component of value proposition, offering customers quality products at affordable opening price points • In Q1, Proprietary Brands
Slide 9: Deliver a Frictionless Experience Across Our Omni-Channel Platforms
Deliver a Frictionless Experience Across Our Omni-Channel Platforms Restore Trip Assurance • Establishing trip assurance by investing into depth across apparel categories and reducing choice counts and redundancy to deliver more clarity, consistency, and purpose to assortment • Better in-stocks for
Slide 10: Q1 2026 Results
Q1 2026 RESULTS 10
Slide 11: Q1 2026 Results
Q1 2026 Results Key Financial Results • Q1 Net Sales declined (1.7%) versus Q1 2025 and Comparable Sales decreased (1.1%) • Gross Margin expanded by 4 basis points versus last year driven by higher proprietary brand penetration partially offset by increased cost of shipping driven by a higher digita
Slide 12: Q1 2026 Gross Margin & SG&A Expense Performance
Q1 2026 Gross Margin & SG&A Expense Performance Gross Margin SG&A Expense Increased 4 bps vs Q1 2025 Deleveraged (15 bps) vs Q1 2025 39.9% 39.9% (1.6%) $1,164M $1,145M % Total Revenue 36.0% 36.2% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2026 Gross Margin Takeaways Q1 2026 SG&A Takeaways • Increased propri
Slide 13: Adjusted Leverage
Adjusted Leverage Kohl’s reset leases on the balance sheet following the investment to roll out Sephora to all of our Stores Net Debt + Leases to EBITDAR Leverage (1) • Current Balance Sheet / Lease Rolling 12 months as of Q1 2026 Accounting is inflating our (Dollars in Millions) Unadjusted Adjusted
Slide 14: Q1 2026 Key Metrics
Consolidated Statement of Operations Three Months Ended (Dollars in Millions) May 2, 2026 May 3, 2025 Net Sales $ 2,998 $ 3,049 Total Revenue 3,167 3,233 Gross Margin Rate 39.9% 39.9% SG&A 1,145 1,164 Depreciation 174 175 Operating Income 46 60 Interest Expense, net 63 76 Benefit for Income Taxes (3
Slide 15: 2026 Outlook
2026 OUTLOOK Sone
Slide 16: Affirms 2026 Financial Outlook
Affirms 2026 Financial Outlook METRIC FULL YEAR GUIDANCE Net Sales Flat to (2%) vs. 2025 Comp Sales Flat to (2%) Adjusted 2.8% to 3.4% Operating Margin 1 Adjusted Diluted EPS 1 $1.00 to $1.60 Capital Allocation Outlook • Capex: $350M to $400M • Dividend: $0.125 dividend payable on June 24, 2026 (1)
Slide 17: Capital allocation priorities support our goals of optimizing balance sheet flexibility
Capital allocation priorities support our goals of optimizing balance sheet flexibility Invest in the Business Continue to prioritize our investment in the business with $350 million to $400 million of Capital Expenditures in 2026 Optimizing Return of Cash We remain committed to returning capital to
Slide 18: Appendix
APPENDIX Sone
Slide 19: Reconciliation
Reconciliation Adjusted EBITDA 52 Weeks Ended (Dollars in Millions) May 2, 2026 Net Income (GAAP) $ 272 Provision for income taxes 63 Interest expense, net 275 Depreciation and amortization 699 (Gain) on legal settlement (129) Impairments, store closing and other costs 15 Adjusted EBITDA (Non-GAAP)
Slide 20: Kohl's
KOHLES