First Quarter Performance Ahead of Expectations
Kohl's first quarter results came in ahead of expectations, with actions beginning to resonate with customers and building momentum in key areas.
Jewelry Sales Rebound
Jewelry sales were up 10% in the first quarter, mainly driven by Kohl's card customers, after reintroducing jewelry and rolling out 200 fine jewelry shops.
Sephora at Kohl's Expansion
Sephora at Kohl's has expanded to all stores, contributing to nearly a $2 billion beauty business with Q1 net sales up 6% and comparable sales up 1%.
SG&A Cost Reduction
SG&A expenses decreased by 5.2% in the first quarter, leveraging approximately 32 basis points versus last year, driven by lower spending in stores and marketing.
Proprietary Brands Showing Improvement
Proprietary brands showed sequential improvement, with Q1 approximately 400 basis points better than Q4, driven by strong performance in brands like Tek Gear and Lauren Conrad.