Expect Great Things. - .Just Not at KOHL's

ExpectGreatThings
JustNotatKOHLS
RobWilson&LeahVermulen
TiburonResearchGroup,Inc.
September10,2012
Disclaimer:
THESE MATERIALS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY.
The information contained herein reflects the views of Tiburon Research Group, Inc. and its affiliates (collectively Tiburon) as of the date of publication and serves as a limited supplement to a
verbal presentation that was made on or after September 10, 2012. These views are subject to change without notice at any time subsequent to the date of issue. All information provided in this
presentation is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell the securities mentioned or to invest in any specific
security or investment product. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. In
addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. All trade names, trade marks, service marks, and logos herein are the property of
their respective owners who retain all proprietary rights over their use. This presentation is confidential and may not be reproduced without prior written permission from Tiburon. It should be
noted that Tiburon or its affiliates/employees have no position in any security of the company mentioned in the report/presentation.
NorthAmericanRetail/ConsumerSector
4154341700
www.TiburonResearchGroup.com1
ProblemsatKSSMuchDeeperthanRecentInventoryUnitsExcuse
Overview: Why Kohls (KSS $52.53) is likely to continue to underperform the retail sector
over the next 312 months and is in desperate need of new management:
Weak relative topline performance last 1218 months despite many theoretical revenue drivers that
were touted by management.
KSS management has been unable to take advantage of the mother of all market share giveaways
(JCP). A fireable offense in and of itself.
Womens basic tops are still lacking today at what was historically considered to be a womens tops
destination.
KSS management originally thought in February 2012 that inventory units issue would be rectified
by Easter (see Q4 2011 conference call). KSS is still materially underperforming its peer group today.
SG&A Expense likely to deleverage following a material yearoveryear Credit Revenue boost (SG&A
Expense offset) in FY 2011 & 1H 2012.
Poor financial guidance track record. Do you believe management when they suggest at Goldman
Conference (earlySeptember 2012) that comp sales in Q4 2012 > Q3 2012? We dont.
BottomLine shortterm upside as investors pin hopes on comp sales in Q4 2012 that reflect an
acceleration versus Q3 2012 (as promised at recent Goldman conference).
But, a continued topline underperformance and the inability to lap a massive credit revenue benefit
(offset to SG&A Expense) will result in lower than consensus EPS in Q4 2012 and FY 2013.
4154341700
Topline underperformance at KSS began last year. Management has not been
happy with the topline for well over a year. Investors would agree.
Q1 2011 Earnings Conference Call 05.12.2011:

Kevin Mansell, CEO We weren't happy with our sales performance in the first quarter.
Kevin Mansell, CEO We have proven over the past that Kohl's value proposition resonates strongly with our
customers. We have clearly established ourselves as the leader in providing great value and savings, and we are
committed to maintain that leadership position going forward.

Kevin Mansell, CEO We weren't happy with our sales performance in the second quarter.

Kevin Mansell, CEO We weren't happy with our sales performance in the third quarter in total. But, we definitely like
the improvement that came in September and October

Kevin Mansell, CEO Overall, we were disappointed in our performance last year. That disappointment was driven by
shortfalls in what we expected on the top line, in particular in the fourth quarter. We lost some of our leadership on the
price element of our value equation; we didn't have enough consistent excitement in our merchandise content; and our
sense is our marketing message did not cut through.
4154341700
KSS has delivered weak sales the past 1218 months despite the following
theoretical topline tailwinds:
Incremental Marketing Dollars:
+10.4% Gross Marketing Dollars in FY 2011 vs. FY 2010 per 10K filing (only +2.2% Revenue Growth)
Kevin Mansell, CEO: We have strengthened our marketing for the fourth quarter, adding approximately $30 million to
our standing, and have the benefits of the biggest brand launches in our Company's history, which we believe will allow
us to continue to improve our sales performance in the fourth quarter.
Biggest Brand Launches in Company History:

Kevin Mansell, CEO: We launched the Jennifer Lopez and Marc Anthony brands in midSeptember. The brands
launched in all stores and online concurrently and across multiple departments, making it the largest launch in our
history in breadth of content. It also met our very aggressive sales goals and exceeded the size of any previous brand
launch by a substantial degree in sales. Both brands are performing very well, and we are excited by the newness that
they bring into the holiday season.
Q1 2011 Conference Call 05.12.2011:

Kevin Mansell, CEO: We do have a new brand launch for next spring (Rock & Republic) which we think could be a
blockbuster because while its a lifestyle brand, its fundamentally anchored in our denim category which is the biggest
single category that we sell in our store.
4154341700
KSS has delivered weak sales the past 1218 months despite the following
theoretical topline tailwinds:
EnhancementstoPrivateLabelCreditCard(PLCC)Incentives
Kevin Mansell, CEO: We have recently made changes in our incentives to open a Kohl's charge account that will
hopefully attract more occasional shoppers and help them turn into Kohl's brand lovers.
MateriallyHigherPLCCApprovalRates(NewCreditProgramwithCapitalOne)
Wayne Hood, BMO Capital Markets: I know it's still early with Capital One but did they see an improvement in the
approval rate and credit penetration so that gives you some confidence as Capital One flows on more programs that
you can even accelerate that penetration in the back half of the year?
Wes McDonald, CFO: That is a great question, Wayne. We made a few changes thus far that has raised our approval
rates roughly 300 basis points.
4154341700
What Went Wrong? Merchandising Thoughts:

Womens basic tops are still largely lacking from the Fall 2012 assortment as women are
ready to replenish their basic tops (especially casual basics) an important balance to
todays fashion bottoms. Once a womens tops destination, we believe that today KSS is
losing market share to GPS.
Basic tees, cardigans, and shirts once offered from brands such as Chaps, Simply Vera,
and Sonoma are still largely lacking from the assortment today.
Mens apparel and womens activewear are relative outperformers today because these
assortments remain skewed towards basics (especially tops).
In Q3 2012, KSS delivered a broad incremental offering of womens colored and print
denim. Yet, in August 2012, sales in the womens department were below the company
average (per company monthly sales recording on 08.30.2012).
Beginning September 10, 2012, many stores will open at 9:00am versus 8:00am Monday
through Saturday. Were unclear if this is a test or permanent change. Will KSS alienate
its Early Bird shopper?
4154341700
Dramatic decline of KSSs EBIT margin since Q4 2011. Yet, if incremental credit
card revenue in FY 2011 (versus FY 2010) were excluded, the profitability slide
would have begun much sooner.
KSS Trailing 4-Qtr Operating Margin %
12.00%
11.50%
11.00%
10.50%
10.00%
9.50%
9.00%
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
4154341700
Q1 2010
Q1 2011
Q1 2012
Despite the profitability improvement of late at many of its peers, KSSs EBIT
margin has recently begun to materially decline.
Trailing 4-Qtr Operating Margin %
14.0%
13.0%
12.0%
11.0%
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
Q1 2005
Q1 2006
Q1 2007
Q1 2008
KSS
Q1 2009
ROST
4154341700
Q1 2010
Q1 2011
Q1 2012
GPS
KSS management possibly has the worst financial guidance track record in the
retail/consumer space over past 2+ years:
KSS management has missed its earlyquarter comp sales guidance in 6 of past 8 fiscal
quarters:
CompGuide
Actual
Q32010
Q4 2010
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
+2%to+4%
+2%to+4%
+2%to+4%
+2%to+4%
+2%to+4%
+2%to+4%
+1%
Flatto+1%
+1.8%
+4.3%
+1.3%
+1.9%
+2.0%
2.1%
+0.2%
2.7%
KSS management has missed its earlyquarter GPM% guidance in 3 of past 6 fiscal
quarters:
GPM%BpsGuide
Actual
Q12011
Q2 2011
Q32011
Q42011
Q12012
Q22012
+10to+30
Flatto+20
10to+10
10to+10
160
250to200
+2Bps
+41Bps
+12Bps
65Bps
219Bps
163Bps
KSS Q1 2012 Earnings Conference Call 05.10.2012:

Kevin Mansell, CEO: Our guidance that Wes gave you for the second quarter is certainly predicated on the fact this
change is coming slowly and it is not going to change quickly and as a result it would be foolish for us to set
expectations that we might have difficulty meeting.
4154341700
Not only is financial guidance a problem for KSS management, but internal
controls have been an issue as well. At what point will the companys CFO be
replaced by a more experienced financial executive?
10K Filing 03.16.2012 Lease Restatement:
Based upon the Evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure
controls and procedures were not effective at a reasonable assurance level as of the last day of the period covered
by this Report. As noted below, we have identified a material weakness in our internal controls over financial
reporting. The principal factor that contributed to this material weakness was the misinterpretation of complex
accounting standards related to leases where we, as the lessee, are involved in asset construction pursuant to ASC
840, Leases.
We currently expect that the necessary testing of the controls over accounting for leases will be completed in fiscal
2012 and will indicate that the material weakness related to these controls has been remediated.
10Q Filing 08.31.2012 Lease Restatement Remediation:

During August 2012, we performed the testing necessary to determine that our controls and procedures for
reporting periods subsequent to July 28, 2012 are effective. As a result of this testing, we have determined that the
material weakness related to these controls has been remediated.
4154341700
Disclosure timeline of the infamous Lack of Units excuse raises questions.
Problem was theoretically to be fixed by Easter 2012. Also, subsequent 10
K filing has a conflicting reason for the decrease in units per store.
KSSQ42011ConferenceCall 02.23.2012:
We are also chasing units. Were trying to pull units in from second quarter into the first quarter. Obviously, if you are
dropping prices you need to have more units behind it to drive the comp, and we are doing that. Obviously, it is not
reflected in what we have guided for, for February. We guided below the quarter and we have only got a couple of days
left. But, we expect to see that occur in time for that Spring Break/Easter selling season at the end of March.
KSS10KFiling 03.16.2012:
Total merchandise inventories at January 28, 2012 were $163 million, or 5%, higher than yearend 2010. On a per
store basis, merchandise inventories at January 28, 2012 increased 2% in dollars over yearend 2010, but decreased 7%
in units. The decrease in units per store reflects our various inventory management initiatives, including our
conservative sales and receipt planning and lower clearance levels. The increase in dollars per store reflects higher
merchandise costs over 2010.
KSSQ12012ConferenceCall 05.10.2012:
Our progress on sales has been hindered by not having enough inventory units in the stores. We entered the quarter
down about 6% in units in the stores and about 9% in the seasonal categories with receipts arriving in late April. During
much of the quarter, some of our seasonal categories were down as much as 20%. We plan to be close to flat by the end
of the second quarter, which is where we want to be positioned for the fall season. I expect our inventory levels to
continue to hinder our sales in this second quarter and our secondquarter sales expectations as a result are similar to
our firstquarter performance.
4154341700
Was the lack of units really the problem at KSS? At the end of each of the past 3 fiscal
quarters, inventory growth materially exceeded sales growth. Whats even more
interesting is that inventory growth was ALSO greater than sales growth at the end of both
Q1 2011 and Q2 2011.
KSS Revenue vs. Inventory Growth
25.0%
20.0%
15.0%
10.0%
5.0%
Rev Growth %
Inv Growth %
0.0%
-5.0%
-10.0%
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
4154341700
Q1 2011
Q1 2012
A lack of units? Despite an improved inventory position (per management on

Q2 2012 conference call), recent topline underperformance continued in August
2012 on a 1year and 2year stack basis:
August2011CompSales
August2012CompSales
2YearStack
JWN(eventshiftboost)
+6.7%
+21.0%
+27.7%
ROST
+4.0%
+8.0%
+12.0%
+5.0%
+5.1%
+10.1%
TJX
+1.0%
+8.0%
+9.0%
TGT
+4.1%
+4.2%
+8.3%
SSI
1.7%
+6.5%
+4.8%
GPS
6.0%
+9.0%
+3.0%
KSS
1.9%
+3.4%
+1.5%
SMRT
7.5%
+5.6%
1.9%
BONT
4.7%
+2.2%
2.5%
4154341700
Additional Red Flags: Did the new Private Label Credit Card (PLCC) Agreement
Structure Increase Credit Revenue Volatility?
While a material bottomline benefit in FY 2011 and Q1/Q2 2012, private label credit
card (PLCC) penetration at KSS = 57% in Q2 2012. Will KSS be more negatively impacted
in future than peer group via higher interest rates and/or worsening portfolio quality?
TGT Mgmt Commentary re: Other 3rd Party Credit Card Agreements Q4 2011 Conference Call:
That really isnt driven by the regs. Its certainly a fact that some other retailers have structured deals in a way that
compensates them higher in the shortrun in exchange for incurring a potentially meaningful amount of risk in the
event that portfolios melt down. That isnt driven by the regs. Its driven by deal structures willingly entered into by
others, so we could do one of those deals.
KSS 10K Filing 03.16.2012:

Kohl's and Capital One share in the net riskadjusted revenue of the portfolio as defined by the sum of finance charges,
late fees and other revenue less writeoffs of uncollectible accounts. Unlike the previous program agreement, we also
share the costs of funding the outstanding receivables if interest rates were to exceed defined rates. While we
currently believe that increases in funding costs would be largely offset by increases in finance charge revenue, the
profitability of our credit card program may be impacted by changes in interest rates.

Wes McDonald, CFO: We have made some changes or are going to make some changes in June and July from our
scorecard perspective that should give us a little more increase in approval rates, a couple of hundred basis points.
4154341700
Additional Red Flags: Incremental Credit Revenue Drove 90 Bps Artificial SG&A
Leverage and $0.39 EPS in FY 2011 vs. FY 2010
In FY 2011, Credit Revenue at KSS was $347 million. This compared to only $180 million
in FY 2010. Part of increase due to new deal with Capital One (April 2011). These
amounts offset SG&A Expense.
Therefore, in FY 2011, KSS was able to report 14 Bps of SG&A Expense leverage instead
of 75 Bps of deleverage (if exclude $167 million Credit Revenue boost vs. prior year).
The Credit Revenue boost in FY 2011 allowed KSS to report $0.39 higher EPS in FY 2011
than FY 2010 (if exclude $167 million Credit Revenue boost vs. prior year).
KSS disclosed $23 million higher Credit Revenue in Q1 2012 versus LY and $9 million
higher Credit Revenue in Q2 2012 versus LY.
This particular bottomline boost has run its course.
4154341700
Additional Red Flags: What Happened to the Sales Productivity Test?

What happened to the sales productivity test in Houston, Atlanta, Salt Lake City? After
discussing the test at length on the Q1 2012 conference call, there was no followup
mention on the companys Q2 2012 conference call. Is the test not going as planned?
Kevin Mansell, CEO: And, we are also saying we probably have to consider allocating our space within that store
differently to make it more attractive and probably offer categories that we dont offer today or expand categories
that we do offer that we think have growth opportunity.

Kevin Mansell, CEO: We are also conducting a sales productivity test in approximately 50 stores in three markets
Houston, Atlanta and Salt Lake City. We have expanded our home selections in these markets. We expect to add two
additional markets with 20 more stores for backtoschool. Our plans are to read these tests through the balance of
the year. We intend to make changes to our remodels and new stores based on the results of this test and initial plans
we have for other areas of the store. Those changes will not take place until 2013.
4154341700
Additional Red Flags: ESignage Not Delivering Improved Profitability

Many analysts incorrectly believe that the companys esignage initiative is delivering
improved total enterprise profitability. Not so.
Wes McDonald, CFO: We still expect to have 400 stores (esignage) by the end of the year. Its working very well in
the stores that we have piloted in and that we have initially rolled out towards the end of last year. We are achieving
the savings that we expect, but I mean it will reduce SG&A but it will increase D&A. So, from a P&L perspective we
are not really viewing it as a positive at this time.
4154341700
Additional Red Flags: Brand Launches Do Not Appear to Have Produced an

Incremental Customer
If recent brand launches at KSS have been so successful (per management), why has
there been no departmental sales mix shift in past 78 years? Or, said another way,
recent brand launches dont appear to have driven an incremental customer into the
store.
Dept SalesMix
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
Womens
33%
33%
33%
33%
32%
31%
31%
31%
Mens
19%
19%
19%
19%
19%
19%
19%
19%
Home
19%
18%
19%
19%
18%
19%
19%
19%
Childrens
13%
13%
13%
13%
13%
13%
12%
13%
Accessories
9%
9%
9%
9%
10%
10%
10%
10%
Footwear
8%
8%
8%
8%
8%
8%
9%
8%

Kevin Mansell, CEO: Step back and say inside the 1,127 Kohls stores we have, we are not happy with the productivity.
And the reason we are not happy is we are not generating enough new customers.
4154341700
Kohl's Corporation (KSS)
07-Sep-12
Q3 2012E
2007
2008
2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
02-Feb-08
31-Jan-09
30-Jan-10
01-May-10
31-Jul-10
30-Oct-10
29-Jan-11
30-Apr-11
30-Jul-11
29-Oct-11
28-Jan-12
28-Apr-12
28-Jul-12
929
82,538,000
88,846
1,004
88,979,000
88,625
1,058
93,289,000
88,175
1,067
94,063,000
88,157
1,067
94,063,000
88,157
1,089
95,819,000
87,988
1,089
95,819,000
87,988
1,089
95,819,000
87,988
1,097
96,380,000
87,858
1,097
96,380,000
87,858
1,127
98,463,000
87,367
1,127
98,463,000
87,367
1,127
98,463,000
87,367
1,134
98,883,000
87,198
1,134
98,848,000
87,168
1,146
1,146
1,146
1,166
99,779,411
99,779,411
99,779,411
101,208,800
87,068
87,068
87,068
86,800
Income Statement:
Retail Sales
Cost Goods Sold
Non-Recurring Items
Gross Profit
Selling, Gen & Admin Expense
Depreciation & Amort Expense
Pre-Opening Expense
Non-Recurring Items
Operating Income
Interest Income/(Expense)
Income Before Tax
Income Tax (Expense)/Benefit
Net Income
Net Income per share - Dil
16,473,700
(10,459,500)
0
6,014,200
(3,696,800)
(452,100)
(60,800)
0
1,804,500
(62,400)
1,742,100
(658,200)
1,083,900
3.39
16,389,000
(10,334,000)
0
6,055,000
(3,769,000)
(632,000)
0
0
1,654,000
(275,000)
1,379,000
(522,000)
857,000
2.79
17,178,000
(10,680,000)
0
6,498,000
(3,951,000)
(688,000)
0
0
1,859,000
(301,000)
1,558,000
(585,000)
973,000
3.18
4,035,000
(2,498,000)
0
1,537,000
(973,000)
(176,000)
0
0
388,000
(77,000)
311,000
(116,000)
195,000
0.63
4,100,000
(2,449,000)
0
1,651,000
(983,000)
(180,000)
0
0
488,000
(78,000)
410,000
(155,000)
255,000
0.83
4,218,000
(2,596,000)
0
1,622,000
(1,043,000)
(182,000)
0
(41,000)
356,000
(79,000)
277,000
(101,000)
176,000
0.57
6,038,000
(3,815,000)
0
2,223,000
(1,173,000)
(189,000)
0
0
861,000
(71,000)
790,000
(296,000)
494,000
1.66
18,391,000
(11,359,000)
0
7,032,000
(4,174,000)
(725,000)
0
(41,000)
2,092,000
(304,000)
1,788,000
(668,000)
1,120,000
3.66
4,162,000
(2,576,000)
0
1,586,000
(1,004,000)
(191,000)
0
0
391,000
(76,000)
315,000
(114,000)
201,000
0.69
4,248,000
(2,520,000)
0
1,728,000
(991,000)
(190,000)
0
0
547,000
(72,000)
475,000
(176,000)
299,000
1.08
4,376,000
(2,688,000)
0
1,688,000
(1,071,000)
(202,000)
0
0
415,000
(75,000)
340,000
(129,000)
211,000
0.80
6,018,000
(3,841,000)
0
2,177,000
(1,178,000)
(194,000)
0
0
805,000
(76,000)
729,000
(274,000)
455,000
1.81
18,804,000
(11,625,000)
0
7,179,000
(4,243,000)
(778,000)
0
0
2,158,000
(299,000)
1,859,000
(692,000)
1,167,000
4.31
4,243,000
(2,719,000)
0
1,524,000
(1,002,000)
(201,000)
0
0
321,000
(82,000)
239,000
(85,000)
154,000
0.63
4,205,000
(2,563,000)
0
1,642,000
(975,000)
(210,000)
0
0
457,000
(80,000)
377,000
(137,000)
240,000
1.00
4,486,187
(2,789,330)
0
1,696,857
(1,076,548)
(218,043)
0
0
402,266
(80,000)
322,266
(120,850)
201,416
0.86
6,454,191
(4,112,946)
0
2,341,246
(1,251,603)
(231,010)
0
0
858,633
(88,000)
770,633
(288,987)
481,646
2.12
19,388,378
(12,184,276)
0
7,204,103
(4,305,150)
(860,053)
0
0
2,038,899
(330,000)
1,708,899
(631,837)
1,077,062
4.56
19,233,655
(12,035,539)
0
7,198,116
(4,320,167)
(896,757)
0
0
1,981,192
(320,000)
1,661,192
(618,794)
1,042,398
4.86
318,100
320,100
306,000
307,000
305,000
306,000
307,000
309,000
307,000
308,000
307,000
308,000
295,000
297,000
304,000
306,000
288,000
290,000
276,000
278,000
264,000
265,000
251,000
252,000
270,000
271,000
243,000
245,000
238,000
239,000
232,000
233,000
226,000
227,000
234,750
236,000
213,500
214,500
36.51%
-22.44%
-2.74%
-0.37%
10.95%
453,171
2,257,671
36.95%
-23.00%
-3.86%
0.00%
10.09%
632,000
2,286,000
37.83%
-23.00%
-4.01%
0.00%
10.82%
688,000
2,547,000
38.09%
-24.11%
-4.36%
0.00%
9.62%
176,000
564,000
40.27%
-23.98%
-4.39%
0.00%
11.90%
180,000
668,000
38.45%
-24.73%
-4.31%
0.00%
9.41%
182,000
579,000
36.82%
-19.43%
-3.13%
0.00%
14.26%
189,000
1,050,000
38.24%
-22.70%
-3.94%
0.00%
11.60%
725,000
2,858,000
38.11%
-24.12%
-4.59%
0.00%
9.39%
191,000
582,000
40.68%
-23.33%
-4.47%
0.00%
12.88%
190,000
737,000
38.57%
-24.47%
-4.62%
0.00%
9.48%
202,000
617,000
36.17%
-19.57%
-3.22%
0.00%
13.38%
194,000
999,000
38.18%
-22.56%
-4.14%
0.00%
11.48%
777,000
2,935,000
35.92%
-23.62%
-4.74%
0.00%
7.57%
201,000
522,000
39.05%
-23.19%
-4.99%
0.00%
10.87%
210,000
667,000
37.82%
-24.00%
-4.86%
0.00%
8.97%
218,043
620,310
36.27%
-19.39%
-3.58%
0.00%
13.30%
231,010
1,089,643
37.16%
-22.20%
-4.44%
0.00%
10.52%
860,053
2,898,952
37.42%
-22.46%
-4.66%
0.00%
10.30%
896,757
2,877,949
Sales Metrics:
Total Company Sales
Same Store Sales
Retail Sales per Avg Gross Sq Ft
5.6%
-0.8%
214
-0.5%
-6.9%
190
4.8%
0.4%
188
10.9%
7.4%
43
7.7%
4.6%
44
4.1%
1.8%
44
6.3%
4.3%
63
7.1%
4.4%
194
3.1%
1.3%
43
3.6%
1.9%
44
3.7%
2.0%
45
-0.3%
-2.1%
61
2.2%
0.5%
194
1.9%
0.2%
43
-1.0%
-2.7%
43
2.5%
1.0%
45
7.2%
1.0%
65
3.1%
0.0%
196
-0.8%
1.0%
191
Balance Sheet Highlights:

Cash & Marketable Securities
Inventory
Inventory per Gross Square Foot
Inventory Turnover
Capital Expenditures
Total Debt
Total Shareholder's Equity
663,671
2,855,733
35
3.5
1,541,683
2,064,576
6,101,603
1,008,000
2,799,000
31
3.5
1,066,000
2,070,000
6,739,000
2,588,000
2,923,000
31
3.5
675,000
3,940,000
7,595,000
2,706,000
3,017,000
32
2,816,000
2,930,000
31
2,716,000
4,030,000
42
2,554,000
3,036,000
32
1,918,000
3,193,000
33
1,377,000
3,095,000
32
918,000
4,130,000
42
1,358,000
3,199,000
32
702,000
3,494,000
35
4,352,625
44
3,306,605
33
247,000
3,974,000
8,109,000
234,000
3,986,000
8,313,000
128,000
3,998,000
7,850,000
221,000
3,674,000
7,562,000
258,000
3,670,000
7,078,000
276,000
4,239,000
6,471,000
172,000
4,244,000
6,508,000
1,358,000
3,199,000
32
3.5
927,000
4,244,000
6,508,000
1,185,000
3,424,000
35
192,000
3,939,000
7,834,000
2,554,000
3,036,000
32
3.6
801,000
3,998,000
7,850,000
177,000
4,149,000
6,300,000
252,000
4,232,000
6,188,000
300,000
4,232,000
6,389,416
250,000
4,232,000
6,871,062
3,306,605
33
3.4
979,000
4,232,000
6,871,062
3,353,973
33
3.3
1,000,000
4,232,000
7,913,460
$45.93
14,702,193
7.4
13.6
$0.00
$36.71
11,269,970
5.8
13.2
$0.00
$50.37
15,413,220
7.6
15.8
$0.00
$54.99
16,991,910
$47.69
14,688,520
$51.22
15,775,760
$51.20
15,206,400
$52.71
15,285,900
$54.71
15,209,380
$54.19
14,360,350
$46.69
11,765,880
$50.80
12,446,000
$49.27
11,775,530
$53.00
12,349,000
$53.00
12,031,000
$0.00
$0.00
$0.00
$0.00
$0.25
$0.25
$0.25
$0.25
$0.32
$0.32
$0.32
$0.32
$53.00
12,508,000
5.8
11.6
$1.28
2.4%
$53.00
11,368,500
5.4
10.9
$1.28
2.4%
Valuation:
Market Price per Share - End Qtr
Market Cap - Avg Diluted
Ent Value per 4-Qtr EBITDA
P/E Ratio - 4 Qtr Trailing
Dividends
Dividend Yield
Notes:
(1) Source of Data: Company Reports and Tiburon Research Group Estimates.
(2) Enterprise Value = (Market Cap + Debt).
$51.20
15,667,200
6.9
14.0
$0.00
2011
53-Weeks
2012E
Store Count:
Total Store Count
Gross Square Footage
Avg Gross Sq Footage per Unit
Weighted shares - Basic

Weighted shares - Diluted
Convertible Interest
Profitability Metrics:
Gross Profit Margin
SG&A Expense Ratio
Depr & Amort Expense Ratio
Pre-Opening Expense Ratio
Operating Margin (Ex-Items)
Depreciation Expense
EBITDA (ex-Items)
2010
14-Weeks
Q4 2012E
$46.69
12,652,990
5.8
10.8
$1.00
2.1%
KSS reported FY 2001, FY 2002, and FY 2003 EPS adds back the dilutive
effect of convertible debt. The convertible debt was redeemed during FY 2003
and no longer impacts reported EPS.
Non-Recurring Items:
FY 2000 SG&A: $5.200 million charge goodwill amortization ($0.01)
The adoption of EITF 02-16 reduced EPS by $0.03 in FY 2004.
Q2 2005 CGS: $2.400 million gain switch to FIFO vs. LIFO ($0.00)
Q2 2005 Tax: $4.900 million gain favorable resolution state tax matters ($0.01)
KSS early adopted SFAS No. 123(R) in Q1 2005.
Q3 2006 Revenue: $15.000 million gain gift card breakage ($0.03)
KSS restated historical financials in Q2 2011 for an error related to historical

lease accounting treatment.
Q3 2010 SG&A: $16.000 million charge correct historical lease accounting ($0.10) combined
Q3 2010 Depreciation: $25.000 million charge correct historical lease accounting
Q3 2010 Interest: $7.000 million charge correct historical lease accounting
2013E
Kohl's (KSS) 3-Year Profitability Run Rates

FY 2009
vs. LY
Gross Profit Margin %
Q1
Higher 76 Bps
Q2
Higher 35 Bps
Q3
Higher 58 Bps
Q4
Higher 163 Bps
SG&A %
Higher 107 Bps
Q1
Q2
Higher 55 Bps
Q3
Lower 42 Bps
Q4
Lower 13 Bps
FY 2010
vs. LY
Combined
2-Year
FY 2011
vs. LY
Combined
3-Year
Higher 49 Bps
Higher 125 Bps
Higher 2 Bps
Higher 127 Bps
Higher 33 Bps
Higher 68 Bps
Higher 41 Bps
Higher 109 Bps
Higher 46 Bps
Higher 104 Bps
Higher 12 Bps
Higher 116 Bps
Higher 39 Bps
Higher 202 Bps
Lower 65 Bps
Higher 137 Bps
Lower 272 Bps
Lower 165 Bps
Higher 1 Bps
Lower 164 Bps
Lower 169 Bps
Lower 114 Bps
Lower 65 Bps
Lower 179 Bps
Lower 119 Bps
Lower 161 Bps
Lower 25 Bps
Lower 186 Bps
Lower 157 Bps
Lower 170 Bps
Higher 14 Bps
Lower 156 Bps
Depreciation & Amort Exp %

Higher 29 Bps + Higher 48 Bps
Q1
Q2
Q3
Q4
Flat
+ Higher 40 Bps
Operating Margin % (ex-Items)
Lower 59 Bps
+ Higher 272 Bps
Q1
Q2
Lower 43 Bps
+ Higher 142 Bps
Q3
Q4
Higher 77 Bps
Higher 23 Bps
Higher 100 Bps
Higher 83 Bps
Higher 8 Bps
Higher 91 Bps
Higher 75 Bps
Higher 31 Bps
Higher 106 Bps
Higher 40 Bps
Higher 9 Bps
Higher 49 Bps
Higher 213 Bps
Lower 23 Bps
Higher 190 Bps
Higher 99 Bps
Higher 98 Bps
Higher 197 Bps
=
=
Higher 191 Bps

Higher 331 Bps
+
+
Higher 7 Bps
Lower 88 Bps
=
=
Higher 198 Bps

Higher 243 Bps
*Gross Margin / SG&A Ratio / Operating Margin each are adjusted for non-recurring items.
Non-Recurring Items:
Q2 2005 CGS: $2.400 million gain switch to LIFO vs. FIFO ($0.00)
Q2 2005 Tax: $4.900 million gain favorable resolution state tax matters ($0.01)
Q3 2006 Revenue: $15.000 million gain gift card breakage ($0.03)
Q3 2010 SG&A: $16.000 million charge correct historical lease accounting ($0.10) combined
Q3 2010 Depreciation: $25.000 million charge correct historical lease accounting
Q3 2010 Interest: $7.000 million charge correct historical lease accounting
FY 2010
vs. LY
Gross Profit Margin %
Q1
Higher 49 Bps
Q2
Higher 33 Bps
Q3
Higher 46 Bps
Q4
Higher 39 Bps
FY 2011
vs. LY
Combined
2-Year
FY 2012
vs. LY
Combined
3-Year
Higher 2 Bps
Higher 51 Bps
Lower 219 Bps
Lower 168 Bps
Higher 41 Bps
Higher 74 Bps
Lower 163 Bps
Lower 89 Bps
Higher 12 Bps
Higher 58 Bps
Lower 65 Bps
Lower 26 Bps
Higher 1 Bps
Lower 271 Bps
Lower 50 Bps
Lower 321 Bps
Lower 65 Bps
Lower 234 Bps
Lower 14 Bps
Lower 248 Bps
Lower 25 Bps
Lower 144 Bps
Higher 14 Bps
Lower 143 Bps
Depreciation & Amort Exp %

Q1
Higher 48 Bps
+ Higher 23 Bps
Q2
Higher 61 Bps
+
Higher 8 Bps
Q3
Higher 61 Bps
+ Higher 31 Bps
Q4
Higher 40 Bps
+
Higher 9 Bps
Higher 71 Bps
Higher 15 Bps
Higher 86 Bps
Higher 69 Bps
Higher 52 Bps
Higher 121 Bps
SG&A %
Q1
Lower 272 Bps
Q2
Lower 169 Bps
Q3
Lower 119 Bps
Q4
Lower 157 Bps
Operating Margin % (ex-Items)

Q1
Higher 272 Bps +
Lower 23 Bps
Q2
Q3
Higher 104 Bps +
Higher 7 Bps
Q4
Higher 155 Bps +
Lower 88 Bps
Higher 92 Bps
Higher 49 Bps
Higher 249 Bps
Lower 182 Bps
Higher 67 Bps
Higher 240 Bps
Lower 201 Bps
Higher 39 Bps
=
=
Higher 111 Bps

Higher 67 Bps
+
+
=
=
Kohl's (KSS) Diagnostics
09-Aug-12
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
02-May-09
01-Aug-09
31-Oct-09
30-Jan-10
01-May-10
31-Jul-10
30-Oct-10
29-Jan-11
30-Apr-11
30-Jul-11
29-Oct-11
28-Jan-12
28-Apr-12
28-Jul-12
$3,638,000
$3,806,000
$4,051,000
$5,682,000
$4,035,000
$4,100,000
$4,218,000
$6,038,000
$4,162,000
$4,248,000
$4,376,000
$6,018,000
$4,243,000
$4,205,000
0.4%
2.2%
6.5%
8.5%
10.9%
7.7%
4.1%
6.3%
3.1%
3.6%
3.7%
-0.3%
1.9%
-1.0%
$1,368,000
$1,520,000
$1,539,000
$2,070,000
$1,537,000
$1,651,000
$1,622,000
$2,223,000
$1,586,000
$1,728,000
$1,688,000
$2,177,000
$1,524,000
$1,642,000
37.60%
39.94%
37.99%
36.43%
38.09%
40.27%
38.45%
36.82%
38.11%
40.68%
38.57%
36.17%
35.92%
39.05%
77
37
58
163
49
33
46
39
41
12
(64)
(219)
(163)
37.11%
37.21%
37.35%
37.82%
37.93%
38.04%
38.15%
38.24%
38.24%
38.35%
38.38%
38.18%
37.69%
37.32%
17
10
14
47
11
11
11
11
(20)
(49)
(37)
($1,117,000)
($1,121,000)
($1,200,000)
($1,348,000)
($1,149,000)
($1,163,000)
($1,225,000)
($1,362,000)
($1,195,000)
($1,181,000)
($1,273,000)
($1,372,000)
($1,203,000)
($1,185,000)
-30.70%
-29.45%
-29.62%
-23.72%
-28.48%
-28.37%
-29.04%
-22.56%
-28.71%
-27.80%
-29.09%
-22.80%
-28.35%
-28.18%
(135)
(77)
29
13
223
109
58
117
(24)
56
(5)
(24)
36
(38)
-27.88%
-28.06%
-28.02%
-27.86%
-27.42%
-27.20%
-27.09%
-26.64%
-26.70%
-26.59%
-26.62%
-26.70%
-26.63%
-26.71%
(30)
(18)
15
45
22
11
45
(7)
12
(3)
(8)
(8)
$251,000
$399,000
$339,000
$722,000
$388,000
$488,000
$397,000
$861,000
$391,000
$547,000
$415,000
$805,000
$321,000
$457,000
6.90%
10.48%
8.37%
12.71%
9.62%
11.90%
9.41%
14.26%
9.39%
12.88%
9.48%
13.38%
7.57%
10.87%
Bps Change
(59)
(41)
87
176
272
142
104
155
(22)
97
(88)
(183)
(201)
Bps Change - 2yr
(279)
(188)
(28)
25
213
101
191
331
250
239
112
67
(205)
(103)
Bps Change - 3yr
(193)
(89)
(175)
(175)
(7)
(46)
76
180
191
199
198
243
67
38
Trailing 4-Qtr
9.24%
9.15%
9.34%
9.96%
10.52%
10.84%
11.06%
11.60%
11.54%
11.76%
11.76%
11.48%
11.06%
10.60%
(13)
(9)
19
62
55
33
22
54
(6)
22
(0)
(29)
(42)
(45)
Depr/Amort $
($141,000)
($144,000)
($151,000)
($155,000)
($176,000)
($180,000)
($182,000)
($189,000)
($191,000)
($190,000)
($202,000)
($194,000)
($201,000)
($210,000)
Trailing 4-Qtr
($553,616)
($564,537)
($579,629)
($591,000)
($626,000)
($662,000)
($693,000)
($727,000)
($742,000)
($752,000)
($772,000)
($777,000)
($787,000)
($807,000)
Net Revenue
Growth %
Gross Profit $
Gross Profit Margin
Bps Change
Trailing 4-Qtr
Bps Change
SG&A $
SG&A Exp Ratio
Bps Change
Trailing 4-Qtr
Bps Change
Operating Margin $
Operating Margin
Bps Change
EBITDA $
$392,000
$543,000
$490,000
$877,000
$564,000
$668,000
$579,000
$1,050,000
$582,000
$737,000
$617,000
$999,000
$522,000
$667,000
$2,068,516
$2,072,837
$2,141,629
$2,302,000
$2,474,000
$2,599,000
$2,688,000
$2,861,000
$2,879,000
$2,948,000
$2,986,000
$2,935,000
$2,875,000
$2,805,000
CapEx $
($186,000)
($150,000)
($214,000)
($116,000)
($192,000)
($247,000)
($234,000)
($128,000)
($221,000)
($258,000)
($276,000)
($172,000)
($177,000)
($252,000)
Trailing 4-Qtr
($926,526)
($792,201)
($720,970)
($666,000)
($672,000)
($769,000)
($789,000)
($801,000)
($830,000)
($841,000)
($883,000)
($927,000)
($883,000)
($877,000)
Dividends $
$0
$0
$0
$0
$0
$0
$0
$0
($72,000)
($70,000)
($65,000)
($64,000)
($77,000)
($76,000)
Trailing 4-Qtr
$0
$0
$0
$0
$0
$0
$0
$0
($72,000)
($142,000)
($207,000)
($271,000)
($276,000)
($282,000)
Trailing 4-Qtr
Share Repo $
($1,000)
$0
$0
$0
($3,000)
$0
($1,000)
($1,000,000)
($416,000)
($750,000)
($790,000)
($355,000)
($325,000)
($298,000)
Trailing 4-Qtr
($112,489)
($1,462)
($1,462)
($1,000)
($3,000)
($3,000)
($4,000)
($1,004,000)
($1,417,000)
($2,167,000)
($2,956,000)
($2,311,000)
($2,220,000)
($1,768,000)
Inventory $
$2,804,000
$2,724,000
$3,807,000
$2,923,000
$3,017,000
$2,930,000
$4,030,000
$3,036,000
$3,193,000
$3,095,000
$4,130,000
$3,199,000
$3,424,000
$3,494,000
Growth %
-0.5%
0.2%
2.6%
4.4%
7.6%
7.6%
5.9%
3.9%
5.8%
5.6%
2.5%
5.4%
7.2%
12.9%
122.7%
108.4%
105.4%
117.0%
123.2%
112.9%
105.6%
117.9%
126.7%
115.1%
107.5%
117.7%
133.6%
% Fwd Qtr CGS

Inv Turn Trail 4-Qtr
3.5
3.5
3.3
3.5
3.6
3.6
3.3
3.6
3.5
3.5
3.3
3.5
3.5
3.4
205.0%
207.8%
197.2%
215.7%
218.2%
220.7%
205.9%
220.7%
218.5%
219.8%
206.6%
215.5%
208.8%
202.7%
Notes: Above metrics exclude non-recurring charges. See EPS model for a summary of what TRG considers non-recurring.
2,270,000
2,286,000
2,512,000
3,612,000
2,498,000
2,449,000
2,596,000
3,815,000
2,576,000
2,520,000
2,688,000
3,841,000
2,719,000
2,563,000
GMROI % Trail 4-Qtr
Q3 2012
Q4 2012
Kohl's (KSS) Chartology

Trailing 4-Qtr GPM%
Trailing 4-Qtr SG&A%
38.50%
29.00%
38.00%
28.00%
37.50%
27.00%
37.00%
36.50%
26.00%
36.00%
25.00%
35.50%
35.00%
Q1 2005
24.00%
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2005
Trailing 4-Qtr Operating Margin %
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
2-Yr Leading EBIT Run Rate Bps vs. 3-Yr Actual Bps
12.00%
400
11.50%
200
11.00%
10.50%
2-Yr Leading EBIT Bps

3-Yr Actual EBIT Bps
10.00%
(200)
9.50%
(400)
9.00%
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2007
Q1 2012
Q1 2008
Revenue vs. Inventory Growth
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Trailing 4-Qtr Inventory Turnover
25.0%
4.00
20.0%
15.0%
3.75
10.0%
5.0%
Rev Growth %
Inv Growth %
0.0%
3.50
-5.0%
-10.0%
Q1 2005
3.25
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Kohl's (KSS) Revenue Scorecard
09-Aug-12
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Revenue:
Total Company Sales
$4,162,000
$4,248,000
$4,376,000
$6,018,000
$4,243,000
$4,205,000
Growth %
3.1%
3.6%
3.7%
-0.3%
1.9%
-1.0%
Comp Sales %
1.3%
1.9%
2.0%
-2.1% (+0.5% year)
0.2%
-2.7%
+160 Bps
+170 Bps
-1.4%
-4.5%
Web Impact Comp Sales %

Comp Store Transactions
1.1%
0.3%
-3.1%
-2.5% (-1.2% year)
Avg Unit Retail (AUR)
2.9%
6.1%
9.5%
+7.4% (+6.6% year)
4.9%
6.2%
Units per Trans (UPT)
-2.7%
-4.5%
-4.3%
-7.0% (-4.9% year)
-3.3%
-4.4%
0.2%
1.6%
5.2%
+0.4% (+1.7% year)
1.6%
1.8%
$187,000
$171,000
$197,000
$457,000
$251,000
$237,000
41.7%
35.7%
28.8%
49.3%
34.2%
38.6%
YTD Prop C/C Share
53.0% (+535 Bps )
55.0% (+645 Bps )
55.0% (+540 Bps )
Year = 54.0% (+470 Bps )
56.0% (+270 Bps )
57.0% (+160 Bps )
Pvt/Exclusive Sales Mix %
50.0% (+240 Bps)
52.0% (+290 Bps)
51.0% (+270 Bps)
Year = 50.3% (+240 Bps)
53.0% (+300 Bps)
55.0% (+220 Bps)
Average Ticket
E-Commerce Revenue
Growth %
Regional Comments:
Merchandise Comments:
+ Southeast
+ Northeast
+ Southeast
+ Mid-Atl, Midwest, NE
all regions negative
- Midwest
- SEast, So Central, West
- West (negative)
- West (-MSD)
no significant variation
+ home (table, food prep)
+ accessories
+ children
+ accessories
+ men's
+ men's ("slight positive")
above also electrics
+ home
+ men's
+ home
+ children
+ footwear ("at co avg")
- footwear (negative)
+ children
+ accessories
+ accessories ("at co avg")
- footwear (negative)
- footwear (slight negative)
- women (-MSD)
- women's (negative)
- home (-LSD)
+ men's (active, dress, basic) - men's, child (below avg)

+ access (watches, jewel)
- footwear (-MSD)
- foot (-LSD via athletics)
- home (-MSD)
- children (-MSD)
New Brands:
Rock & Repub Spring 2012

A list of some private label brands at KSS:
Many times the YTD proprietary C/C Share Bps change (per quarterly
conference calls) does not match the prior year's disclosure.
Also, the prior year E-commerce revenue amounts seem to change each
quarter (per 10-Q). We leave the prior year amount unchanged above.
New Markets:
*Italics indicate TRG estimate. Amounts in thousands (000).
1. Sonoma - casual weekend wear

2. Urban Pipeline - young men
3. Apartment 9 - men's & women's sportswear
4. Croft & Barrow - classic, business casual
5. Tech Gear - active lifestyle
6. So... - Junior
Q3 2012
Q4 2012
Kohl's (KSS) Revenue Notes - FY 2012

Q1 2012
09-Aug-12
Q2 2012
Q3 2012
Q4 2012
Sales Metrics:
Sales Metrics:
Sales Metrics:
Sales Metrics:
+0.2% Comp Store Sales (+160 Bps via Web)
-2.7% Comp Store Sales (+170 Bps via Web)
Category Metrics:
Category Metrics:
Category Detail:
Category Detail:
Brand Detail:
Brand Detail:
Other:
Other:
-1.4% Transactions
-4.5% Transactions
+1.6% Avg Ticket (+4.9% AUR / -3.3% UPT)
56.0% Credit Share (+270 Bps vs. LY)
53.0% private/exclusive brand mix (+300 Bps vs. LY)
E-Commerce = $251M (+34.1% vs. LY)
Mid-Atl, MW, NE strong / West weakest (-MSD)
All Regions Negative - No Significant Variation
Category Metrics:
Category Metrics:
Men's, Children's, Accessories strongest
Men's strongest ("slightly positive")
Women's "flat" comp sales / Footwear "slightly neg"
Footwear, Accessories ("at company average")
Home -Low Single Digits
Women's, Home, Children's (each dept -MSD)
Category Detail:
Category Detail:
Men's = casual sportswear, basics strongest
Men's = casual sportswear, pants strongest
Men's = dress shirts, young men's strongest
Men's = tailored, dress clothing strong
Children's = boys, girls strongest
Children's = improve throughout qtr as inv normalize
Accessories = fash access, handbags strongest
Access = sterl silver jewel (+10%), bath/beauty (+10%)
Accessories = sterling silver, watches strongest
Accessories = handbags, small leather accessories
Women's = updated sportswear strongest (+Lo Dbl Dig)
Women's = updated sportswear strongest (+Lo Dbl Dig)
Women's = active sportswear strongest (+Lo Dbl Dig)
Women's = intimates, sleepwear stronger
Footwear = women's shoes strongest (+Lo Dbl Digits)
Footwear = athletic shoes strongest ("positive")
Home = tabletop, bath/towels, electrics strongest
Home = bed sheets, bath towels, other dom strongest
Brand Detail:
Brand Detail:
Private = Croft & Barrow, Sonoma , So strongest
Private = no commentary
Exclusive = Jlo , Marc Ant , Rock/Repub +penetration
Excl = Jlo , Marc Ant , Rock/Rep drive +penetration
Exclusive = Fila Sport , Food Network +penetration
Exclusive = Lauren Conrad , Fila Sport stronger
Excl = Lauren Con , Mudd , Simply Vera +penetration
Exclusive = Food Network, Simply Vera stronger
Other:
Other:
price reduce (price still > LY via Fall '11 price hikes)
Junior "continue to be challenging"
insufficient inventory basics to meet higher demand
Active/Fitness Apparel strong across many lines of biz
opening price points most significant price increases
notable sales improve entry-level product July 2012
expanded Elle , Simply Vera into beauty
above = as inventory levels "normalized"
sales productivity test 3 cities, 50 stores (home focus)
private label +3% July 2012 vs. declines May/Jun
above = Houston, Atlanta, Salt Lake City
exclusive product +Lo Dbl Digits Q2 2012
color denim "big miss" / believe now more "on trend"
launched Princess Vera Wang in Q2 2012
June/July 2012 credit approval rate changes coming
enter 2H 2012 with fresh inventory, normal levels
Source: Company SEC filings and quarterly conference calls.
Kohl's (KSS) Revenue Notes - FY 2011

Q1 2011
09-Aug-12
Q2 2011
Q3 2011
Q4 2011
Sales Metrics:
Sales Metrics:
Sales Metrics:
Sales Metrics:
+1.3% Comp Store Sales
-2.1% Comp Store Sales
+1.1% Transactions
+0.3% Transactions
-3.1% Transactions
-2.5% Transactions
Southeast strongest (5th straight) / Midwest weakest
Northeast strongest / SE, South Cent, West weakest
Southeast strongest / West weakest ("negative")
Category Metrics:
Category Metrics:
Category Metrics:
Category Metrics:
Home strongest
Accessories & Home strongest
Children's strongest
Accessories strongest ("positive")

Home, Children's "better than company average"
Men's, Accessories "better than company average"
Women's "better than company average"
Men's "better than company average"
Children's, Women's "positive comps"
Men's & Children's "positive, but slight below co avg"
Home, Access, Women's "consistent with co avg"
Men's "consistent with company average"
Footwear -Low Single Digits
Footwear -Mid Single Digits
Footwear "negative"
Footwear, Women's "below company average"
Category Detail:
Category Detail:
Category Detail:
Category Detail:
Home = tabletop, food prep strongest
Accessories = watches & handbags strongest
Children's = boys, girls strongest
Accessories = watches & accessories strongest

Home = electrics strongest
Home = electrics, bedding strongest
Home = small electrics, food prep, bedding strongest
Men's = dress shirts, basics strongest
Men's = active clothing, dress clothing, basics strong
Women's = updated sportswear, activewear strongest
Home = small electrics strongest
Children's = toys strongest
Accessories = watches, sterling silver jewelry strong
Women's = special sizes strongest
Accessories = watches, fashion jewelry strongest
Men's = furnishings strongest
Children's = toys, infants, toddlers strongest
Men's = basics, activewear strongest
Women's = active sportswear, updated sportswr strong
Footwear = women's casual shoes strongest
Women's = activewear, updated sportswear strongest
Children's = infants, toddlers strongest
Footwear = women's strong (+High Dbl Digits)
Women's = updated sportswr, activewr, sleepwr strong
Women's = intimates strongest
Footwear = athletics weak (-Mid Teens) via toning
Footwear = "large declines" athletic shoes
Footwear = women's shoes strongest, athletics weakest
Footwear = women's shoes strongest (+Dbl Digits)
Brand Detail:
Brand Detail:
Brand Detail:
Private = Sonoma , So , Apt 9 strongest
Private = Sonoma , Apt 9 strongest
Private = Apt 9, So, Urban Pipeline strongest
Exclusive = Fila Sport , Food Network strong
Exclusive = Lauren Conrad , Simply Vera strong
Exclusive = Candies strong
Exclusive = Mudd strong
Exclusive = Mudd strong
Brand Detail:
Other:
Other:
Other:
Other:
seasonal businesses -MSD (last year, +Mid Teens)
Jennifer Lopez /Marc Anthony launch mid-Sept 2011
"not happy" with Q3 sales "in total"
launched Rock & Republic February 2012
seasonal product carries a higher merch margin
above = biggest brand launch ever
challenging August / stronger Sept/October
above = first denim lifestyle brand
above = contemporary "best" price points
above = early results "very strong"
above = contemporary "best" price points
recent changes to charge card incentives to open acct
above = "met all our very aggressive sales goals"
launched Van Heusen men's sport/dress shirts Feb 2012
to launch Rock & Republic February 2012
Cap One allowed +300 Bps credit approval rates
above = "both brands performing very well"
to open 4th E-Comm fulfill ctr Summer 2012 (Texas)
recent changes to charge card incentives to open acct
opened 3rd E-Comm fulfill ctr (1M sq ft - Maryland)
launched new discount program for seniors - end Q1
happy with Texas "market intensification" initiative
Source: Company SEC filings and quarterly conference calls.
Kohl's (KSS) Profitability Scorecard

Q1 2011
Gross Profit Margin:
Bps Change
Comments:
SG&A Expense Ratio:

Bps Change
Store Operating Costs
Store Payroll Costs
09-Aug-12
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
38.11%
40.68%
38.57%
36.17%
35.92%
39.05%
Higher 2 Bps
Higher 41 Bps
Higher 12 Bps
Lower 65 Bps
Lower 219 Bps
Lower 163 Bps
sales below expectations
strong inventory mgmt
lower selling prices
higher apparel costs
higher mix pvt/exclusive
higher promo discounts
higher selling prices
lower clearance levels
markdown optimize
markdown optimize
above esp. pvt label items
above pvt label/excl brands
markdown optimize
size optimize
size optimize
excl brands less decline
excl brands less decline
size optimize
neg impact web sales mix
neg impact web free ship
above = -60 Bps
above = -50 Bps
-24.12%
-23.33%
-24.47%
-19.57%
-23.62%
-23.19%
Higher 1 Bps
Lower 65 Bps
Lower 26 Bps
Higher 14 Bps
Lower 50 Bps
Lower 14 Bps
Store Pay Leverage
Store Pay Leverage
Store Oper Exp Leverage
Store Pay Leverage
Store Pay Leverage
Store Pay Leverage
Store Oper Exp De-Lever
Store Oper Exp Leverage
Advertise De-Leverage
Distribution De-Leverage
Distribution De-Leverage
IT Exp De-Leverage
Corporate Exp Leverage

higher credit card revenue
DC Costs
Advertising Costs
Q3 2012
Q4 2012
Credit Card Oper Costs

Credit Notes:
above via lower bad debt
above = $167M vs. LY
above = $23M vs. LY
above = $9M vs. LY
above via rcvble growth
Year = $347M vs. $180M
above = higher receivables
above = improved perform
above via higher late fees
above = higher late fees
lap CapOne agree Apr '12
via new agreement CapOne
above = higher incident rates
above via higher late fees

via new agreement CapOne
Other Notes:
store pay lev via e-signage
store pay lev via e-signage
higher advert brand launch
lower corp exp via bonus
higher advert Spring TV
higher advert to drive tfc
DC de-lev via web growth
higher advert brand launch
IT de-lev "continue invest"
DC de-lev via web growth

lower remodel costs
Depr & Amt Exp Ratio

Bps Change
-4.59%
-4.47%
-4.62%
-3.22%
-4.74%
-4.99%
Higher 23 Bps
Higher 8 Bps
Higher 31 Bps
Higher 9 Bps
Higher 15 Bps
Higher 52 Bps
In Q2 2011, KSS restated historical financials due to an error related to historical lease accounting
treatment. This restatement impacted SG&A, Depreciation, and Interest.
Quarterly numbers for FY 2009 have yet to be published. Therefore, the basis point changes in FY
2010 above (other than GPM%) are not accurate.
Kohl's (KSS) Other Scorecard
09-Aug-12
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Stock-Based Comp Expense
($15,000)
($14,000)
($14,000)
($14,000)
($12,000)
($12,000)
Tax Rate %
-36.19%
-37.05%
-37.94%
-37.59% (-37.22% year)
-35.56%
-36.34%
$3,193,000
$3,095,000
$4,130,000
$3,199,000
$3,424,000
$3,494,000
5.8%
5.6%
2.5%
5.4%
7.2%
12.9%
Other:
Total Inventory
Growth %
Inventory/Store: Dollars
Inventory/Store: Units
"just under +3.0%"
3.0%
-1.0%
2.0%
3.7%
9.0%
-2.0%
-5.0%
-8.0%
-7.0%
-6.0%
6.0%
Clearance Inv/Store: Dollars
-30.0%
-16.0%
Clearance Inv/Store: Units
-20.0%
-25.0%
"up slightly"
negative double digits"
$1,397,000
$1,345,000
$2,080,000
$1,233,000
$1,609,000
$1,531,000
43.8%
43.5%
50.4%
38.5%
47.0%
43.8%
Share Repurchases
($416,000)
($750,000)
($790,000)
($355,000)
($325,000)
($298,000)
Dividends
($72,000)
($70,000)
($65,000)
($64,000)
($77,000)
($76,000)
$0.68 - $0.73
$0.96 - $1.02
$0.76 - $0.82
$1.93 - $2.04
$0.60
$0.96 - $1.02
$0.73
$1.09
$0.80
$1.81
$0.63
$1.00
+2.0% to +4.0%
+2.0% to +4.0%
+2.0% to +4.0%
+2.0% to +4.0%
+1.0%
Flat to +1.0%
1.3%
1.9%
2.0%
-2.1%
0.2%
-2.7%
Accounts Payable
Accounts Payable % Inv
Guidance:
Early Qtr. EPS Guidance
Actual EPS
Early Qtr. Comp Guidance
Actual Comp
Q3 2012
Q4 2012
Kohl's (KSS) Monthly Sales Metrics

FY 2009
30-Aug-12
FY 2010
FY 2011
FY 2012
February
Comp Store Sales
Category Standouts
Regional Standouts
Comments
-1.6%
3.7%
5.0%
-0.8%
Footwear, Accessories, Men's, Home
Home, Accessories
Men's, Women's, Children's
Men's, Accessories
Northeast, Midwest (SE weakest)
West, Southeast (MidAtl, NE weakest)
Mid-Atlantic (+Mid Teens)
Midwest, Northeast (SE, West weak)
Reg price selling stronger than expect
clear units -20% vs. LY
end Q1 2011 inv/ft +LSD
March
Comp Store Sales
-4.3%
22.5%
-6.5%
3.6%
Category Standouts
Home (Women's most challenging)
Footwear, Home, Children's
Access, Home, Men's, Women's
Children's, Men's (Home negative)
Regional Standouts
Southwest (SEast most difficult)
MidAtl, Southeast, West
Southeast, South Central (each +MSD)
MW, NE, Mid-Atl (So Cent, W weak)
sales exceeded expectations
clear units -20% vs. LY / +LSD inv EOQ
end Q1 2011 inv/store +LSD
higher avg ticket (via AUR, mix)
Comments
April
Comp Store Sales
-6.2%
-7.7%
10.2%
-3.5%
Category Standouts
Children's, Men's, Accessories, Foot
Footwear, Women's, Men's
Access, Home, Children's
Home, Accessories, Men's
Regional Standouts
Southwest, South Central, SEast
Southeast, South Central
Southeast, West
MW, NE, SoCent, W (Mid-Atl, SE weak)
inventory -MSD per store
inventory +LSD per store
Comments
Footwear, Women's, Children's neg
May
Comp Store Sales
-0.4%
3.5%
0.8%
-4.2%
Category Standouts
Accessories, Home
Footwear
Children's (+MSD), Access (+MSD)
Accessories
Regional Standouts
Southwest (SEast most difficult)
Northeast, Southeast
Mid-Atlantic, Northeast, Southeast
South Central, West
sales stronger than planned
sales stronger than planned
expect lower inv hinder sales until BTS
Comments
June
Comp Store Sales
Category Standouts
-5.6%
5.9%
7.5%
-4.2%
Accessories, Home
Footwear, Men's
Home (+Lo Dbl Dig), Wom, Child, Acc
Men's, Footwear
Southwest
West, Southeast
Midwest, Mid-Atlantic, Northeast
Midwest
sluggish apparel in seasonal categories
YTD +50% Internet, comfort inv
improve latter weeks (+2% units/store)
Regional Standouts
Comments
July
Comp Store Sales
Category Standouts
0.4%
4.1%
-4.6%
1.7%
Accessories, Home, Footwear
Footwear, Men's
Women's, Accessories
Men's, Footwear, Home (ea. +MSD)
Regional Standouts
Southwest (+Dbl Digits)
Southeast
West
Northeast
Comments
inventory -MSD per store
transactions drove results
end month +5% units per store
August
Comp Store Sales
Category Standouts
Regional Standouts
Comments
0.2%
4.5%
-1.9%
3.4%
Accessories, Men's
Home (+HSD), Men's/Footwear
Children's, Women's
Footwear, Men's, Children's
Southeast (+Lo Dbl Digits)
South Central, Southeast
Mid-Atlantic, Southeast
women's most improve / MW, NE weak
Tx (+Lo Dbl Dig) / AUR (-LSD)
Access, Home, Foot weaker
end month +6% units per store
September
Comp Store Sales
Category Standouts
5.5%
3.0%
4.1%
Accessories, Footwear (Home weak)
Foot (+HSD), Men's, Home
Children's (+HSD), Men's
Southeast & Midwest (+MSD)
Southeast (West weakest = slight neg)
women's continued improvement
Tx (+HSD) / AUR (-LSD) / UPT (-LSD)
Foot underperform / end Q3 +LSD inv
Regional Standouts
Comments
October
Comp Store Sales
Category Standouts
Regional Standouts
Comments
1.4%
-2.5%
3.9%
Home (+MSD), (Children "difficult")
Foot (+MSD), Home, Women's App
Home (+HSD)
West (+LSD), SE, Mid-Atl, NE
Midwest (+MSD) / West (-LSD)
-2% Inv/Store, -40% clearance inv
Tx (+MSD) / AUR (-Slt) / UPT (Lower)
Women's weaker (+LSD)
November
Comp Store Sales
3.3%
6.1%
-6.2%
Category Standouts
Home (+HSD)
Foot (+Lo Dbl Dig)
Foot (-LSD) Jr/Wom Shoes +MSD
Regional Standouts
Southwest (+Mid Teens)
Southeast & South Central (+HSD)
West & Northeast
children's (-LSD)
Tx (+MSD) / AUR (+LSD) / UPT (-LSD)
Women underperform (contemp +LSD)
Comments
December
Comp Store Sales
Category Standouts
4.7%
3.9%
-0.1%
Footwear, Accessories
Foot (+HSD), Men's, Accessories
Access, Child (+LSD), Home (+LSD)
Regional Standouts
Comments
Southwest
Southeast (+MSD)
Midwest, Northeast
Tx (+MSD) / AUR (-LSD) / UPT (Flat)
Web +48%, Electrics +19%
January
Comp Store Sales
Category Standouts
6.5%
1.4%
0.6%
Footwear, Women's
Men's (+MSD), Home (+MSD)
Access (+MSD)
Southwest
Midwest, West, So Cent / NEast (-MSD)
Mid-Atl, SE (both +MSD) / SoCent, SW
+21% e-commerce / +LSD inv/store
Regional Standouts
Comments
*Source: Monthly company sales recording.
Kohl's (KSS) Annual Sales Mix Data
09-Aug-12
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
Women's
32.6%
32.1%
32.5%
32.6%
32.6%
32.6%
32.0%
31.0%
31.0%
31.0%
Men's
19.3%
19.0%
18.5%
18.6%
18.8%
18.8%
19.0%
19.0%
19.0%
19.0%
Home
18.0%
18.4%
18.5%
18.4%
18.5%
18.5%
18.0%
19.0%
19.0%
19.0%
Children's
13.2%
13.5%
13.4%
13.0%
12.9%
12.7%
13.0%
13.0%
12.0%
13.0%
Accessories
8.6%
8.7%
9.0%
9.2%
9.1%
9.3%
10.0%
10.0%
10.0%
10.0%
Footwear
8.3%
8.3%
8.1%
8.2%
8.1%
8.1%
8.0%
8.0%
9.0%
8.0%
*Source: SEC filings.
Amazing how, despite all the various product

introductions, the sales mix has remained constant for
many years.
Kohl's (KSS) Guidance Worksheet - FY 2012
09-Aug-12
Q1 2012
Q1 2012
Q2 2012
Q2 2012
Q3 2012
Q3 2012
Q4 2012
Q4 2012
Guidance Date: 02.23.2012
Actual
Actual
Actual
Guidance Date:
Actual
Q1 2012: +3.0%
1.9%
Q2 2012: +2.0% to +3.0%
-1.0%
Q3 2012: +1.0% to +3.0%
0.2%
Q2 2012: Flat to +1%
-2.7%
Q3 2012: Flat to +2%
Feb: "slight below quarter"
-0.8%
May: "slight below quarter"
-4.2%
Aug: "hi-end of quarter"
Mar: "higher than quarter"
3.6%
Jun: "even with quarter"
-4.2%
Sep: "low-end of quarter"
Apr: "slight below quarter"
-3.5%
Jul: "well above quarter"
1.7%
Oct: "hi-end of quarter"
Q1 2012: -160 Bps
-219 Bps
Q2 '12: -250 Bps to -200 Bps
-163 Bps
Q3 '12: -80 Bps to -60 Bps
-0.2%
Q2 2012: Flat to +1.5%
-1.6%
Q3 2012: -1.0% to +1.0%
($201.0)
Q2 2012: ($206.0M)
($210.0)
Q3 2012: ($216.0M)
($82.0)
Q2 2012: ($80.0M)
($80.0)
Q3 2012: ($82.0M)
-35.56%
Q2 2012: -38.0%
-36.34%
Q3 2012: -38.0%
$0.63
Q2 2012: $0.96 to $1.02
$1.00
Revenue:
Net Revenue Growth %
FY 2012: +4.5%
above = $200M 53rd week
Comp Store Sales %
Q1 2012: +1%
FY 2012: +2%
Monthly Comp Sales %
GPM %
FY 2012: -70 Bps
SG&A Growth %
Q1 2012: +3.5%
FY 2012: +3.0%
above = +2.0% ex-53rd week
Depr & Amort
Q1 2012: ($205.0M)
FY 2012: ($840.0M)
Interest Inc/(Exp):
Q1 2012: ($81.0M)
FY 2012: ($323.0M)
Income Tax Rate:
Q1 2012: -38.0%
FY 2012: -38.0%
EPS:
Dil Share Count:
Q1 2012: $0.60
Q3 2012: $0.83 to $0.89
FY 2012: $4.75
FY 2012: $4.75
above assume $300M repo Q3
above = $0.10 53rd week
above = $0.10 53rd week
FY 2012: $4.50 - $4.65
Q1 2012: 245.0M
FY 2012: 240.0M
245.0
Q2 2012: 241.0M
239.0
Q3 2012: 234.0M
FY 2012: 236.0M
3.4%
09-Aug-12
Q1 2011
Q1 2011
Q2 2011
Q2 2011
Q3 2011
Q3 2011
Q4 2011
Q4 2011
Actual
Actual
Actual
Actual
Q1 2011: +4% to +6%
3.1%
Q2 2011: +4% to +6%
3.6%
Q3 2011: +4% to +6%
3.7%
Q4 2011: +4% to +6%
-0.3%
1.3%
Q2 2011: +2% to +4%
1.9%
Q3 2011: +2% to +4%
2.0%
Q4 2011: +2% to +4%
-2.1%
Revenue:
FY 2011: +4% to +6%
Comp Store Sales %
Q1 2011: +2% to +4%

FY 2011: +2% to +4%
GPM %
Feb: "high end of quarter"
5.0%
May: "consistent with qtr"
0.8%
Aug: "consistent with qtr"
-1.9%
Nov: "low-end of qtr"
-6.2%
Mar: "-HSD to -Lo Dbl Dig"
-6.5%
Jun: "consistent with qtr"
7.5%
Sep: "modest build"
4.1%
Dec: "high-end of qtr"
-0.1%
Apr: "signif higher than qtr"
10.2%
Jul: "consistent with qtr"
-4.6%
Oct: "modest build"
3.9%
Jan: "consistent with qtr"
0.6%
Q1 2011: +10 Bps to +30 Bps
+2 Bps
Q2 2011: Flat to +20 Bps
+41 Bps
Q3 2011: -10 Bps to +10 Bps
+12 Bps
Q4 2011: -10 Bps to +10 Bps
-65 Bps
3.2%
Q2 2011: +3.0% to +4.5%
0.8%
Q3 2011: +1.5% to +3.0%
2.7%
Q4 2011: +5.0% to +6.0%
0.4%
FY 2011: Flat to +20 Bps
SG&A Growth %
Q1 2011: +5.0% to +6.5%

FY 2011: +3.0% to +4.5%
Depr & Amort
Q1 2011: ($164.0M)
above = higher advertising
($156.0)
Q2 2011: ($167.0M)
($163.0)
Q3 2011: ($171.0M)
N/A - reclass
Q4 2011: ($202.0M)
($194.0)
($29.0)
Q2 2011: ($28.0M)
($27.0)
Q3 2011: ($30.0M)
N/A - reclass
Q4 2011: ($82.0M)
($76.0)
Q2 2011: -38.0%
-37.27%
Q3 2011: -38.0%
-37.94%
Q4 2011: -37.75%
-37.59%
FY 2011: -37.4%
-37.22%
Q4 2011: $1.93 - $2.04
$1.81
FY 2011: $4.41 - $4.52
$4.31
Q2 2011: ($171.0M)
Q3 2011: ($174.0M)
Q4 2011: ($181.0M)
FY 2011: ($690.0M)
Pre-Open Exp
Q1 2011: ($4.5M)
FY 2011: ($28.0M)
Interest Inc/(Exp):
Q1 2011: ($30.0M)
Q2 2011: ($28.0M)
Q3 2011: ($27.0M)
Q4 2011: ($30.0M)
FY 2011: ($115.0M)
Income Tax Rate:
Q1 2011: -38.0%
-36.64%
FY 2011: -38.0%
EPS:
Q1 2011: $0.68 - $0.73
Q3/Q4 2011: -38.0%
$0.73
FY 2011: $4.05 - $4.25
Dil Share Count:
Q1 2011: 293.0M
FY 2011: 294.0M
Q2 2011: $0.96 - $1.02
FY 2011: -37.6%
$1.09
FY 2011: $4.25 - $4.40
290.0
Q2 2011: 282.0M
Q3 2011: $0.76 - $0.82
$0.80
FY 2011: $4.45 - $4.60
278.0
Q3 2011: 266.0M
FY 2011: 274.0M
265.0
Q3 2011: 253.0M
252.0
FY 2011: 272.0M
271.0
09-Aug-12
Q1 2010
Q1 2010
Q2 2010
Q2 2010
Q3 2010
Q3 2010
Q4 2010
Q4 2010
Guidance
Actual
Guidance
Actual
Guidance
Actual
Actual
+4% to +6%
10.9%
+5% to +7%
7.7%
+4.5% to +6.5%
4.1%
+4.5% to +6.5%
6.3%
Comp Store Sales %
+1% to +3%
7.4%
+2% to +4%
4.6%
+2% to +4%
1.8%
+2% to +4%
4.3%
6.1%
Revenue:
GPM %
SG&A Growth %
Feb: "better than range"
3.7%
May: "below quarter"
3.5%
Aug: "below quarter"
4.5%
Nov: "lower end of quarter"
Mar: "+HSD to +Lo Dbl Dig"
22.5%
Jun: "above quarter"
5.9%
Sep: "approx the quarter"
3.0%
Dec: "higher end of quarter"
3.9%
Apr: "-HSD to -Lo Dbl Dig"
-7.7%
Jul: "similar to quarter"
4.1%
Oct: "above the quarter"
-2.5%
Jan: "with quarter"
1.4%
+20 Bps to +30 Bps
+49 Bps
+20 Bps to +40 Bps
+33 Bps
+20 Bps to +40 Bps
+46 Bps
+20 Bps to +40 Bps
+39 Bps
+4% to +5%
+7.3%
+10% to +11%
8.4%
+10% to +11%
8.4%
+3% to +4%
4.4%
($161.0)
$10M shift into Q3 / $15M higher marketing Q3
Depr & Amort
($155.0M)
($151.0)
($160.0M)
($153.0)
($165.0M)
($165.0)
($165.0M)
Pre-Open Exp
($5.0M)
($4.0)
($3.0M)
($2.0)
($10.0M)
($9.0)
($2.0M)
Interest Inc/(Exp):
($33.0M)
($31.0)
($32.0M)
($31.0)
($30.0M)
($31.0)
($31.0M)
($32.0)
Income Tax Rate:
-37.9% Year
-37.81%
-37.9% Qtr & Year
-37.80%
-37.9% Qtr & Year
-36.18%
-37.7% Qtr & -37.6% Year
-37.44%
EPS:
$0.48 - $0.52
$0.64
$0.70 - $0.75
$0.84
$0.57 - $0.63
$0.63
$1.51 - $1.59
$1.66
above exclude share repo
Dil Share Count:
310.0M (year)
309.0M (year)
309.0M (year)
09-Aug-12
Q1 2009
Q1 2009
Q2 2009
Q2 2009
Q3 2009
Q3 2009
Q4 2009
Q4 2009
Guidance
Actual
Guidance
Actual
Guidance
Actual
Guidance
Actual
-4% to -1%
0.4%
-4% to -1%
2.2%
-1% to +1%
6.5%
+3% to +6%
8.5%
Comp Store Sales %
-8% to -5%
-4.2%
-8% to -5%
-2.3%
-5% to -3%
2.4%
-1% to +2%
4.5%
Feb: "better than range"
-1.6%
May: "high end of quarter"
-0.4%
Aug: "middle of range"
0.2%
Nov: "lower end of quarter"
3.3%
Mar: "within range"
-4.3%
Jun: "low end of quarter"
-5.6%
Sep: "worst end of the range"
5.5%
Dec: "higher end of quarter"
4.7%
Apr: "negative end of range"
-6.2%
Jul: "similar to quarter"
0.4%
Oct: "better end of range"
1.4%
Jan: "middle of range"
6.5%
Flat to +10 Bps
+76 Bps
+20 Bps to +30 Bps
+35 Bps
+10 Bps to +20 Bps
+58 Bps
+50 Bps to +60 Bps
+163 Bps
+3% to +4%
+4.2%
+3% to +4%
+3.9%
+3% to +4%
+4.6%
+4% to +5%
+8.0%
Depr & Amort
($145.0M)
($141.0)
($147.0M)
($144.0)
($152.0M)
($150.0)
($155.0M)
($155.0)
Pre-Open Exp
($15.0M)
($15.0)
($14.0M)
($11.0)
($23.0M)
($23.0)
($5.0M)
($3.0)
Interest Inc/(Exp):
($33.0M)
($32.0)
($30.0M)
($31.0)
($32.0M)
($31.0)
($33.0M)
($31.0)
Income Tax Rate:
-38.0% Year
-37.44%
-37.8% Qtr/Year
-37.77%
-37.8% Qtr/Year
-37.34%
-37.5% Qtr / -37.7% Year
-37.63%
EPS:
$0.27 - $0.34
$0.45
$0.56 - $0.64
$0.75
$0.40 - $0.44
$0.63
$1.14 - $1.24
$1.40
Dil Share Count:
308.0M (year)
305.5
307.0M (year)
306.0
306.0M ( balance of year)
308.0
306.0M (year)
306.0
Revenue:
GPM %
SG&A Growth %
09-Aug-12
Q1 2008
Q1 2008
Q2 2008
Q2 2008
Q3 2008
Q3 2008
Q4 2008
Q4 2008
Guidance
Actual
Guidance
Actual
Guidance
Actual
Guidance
Actual
+4% to +6%
1.5%
+4% to +6%
3.8%
+3% to +5%
-0.6%
-8% to -4%
-4.6%
Comp Store Sales %
-5% to -3%
-6.7%
-5% to -3%
-4.6%
-4% to -2%
-6.7%
-12% to -8%
-9.1%
-17.5%
Revenue:
GPM %
-3.8%
-7.2%
Aug: "worse than qtr trend"
-5.8%
Nov: "negative high teens"
-15.5%
2.3%
Sep: "eqaul to qtr trend"
-5.5%
Dec: "-LSD to -MSD"
-1.4%
3.5%
-10.4%
Oct: "better than qtr trend"
-9.0%
Jan: "equal to qtr trend"
-13.4%
-30 Bps to -20 Bps
-5 Bps
+10 Bps to +20 Bps
+68 Bps
+10 Bps to +20 Bps
+34 Bps
+20 Bps to +40 Bps
+52 Bps
+9% to +10%
+7.5%
+12% to +13%
+11.0%
+9% to +10%
+5.1%
+5% to +6%
+3.3%
Depr & Amort
($130.0M)
($130.4)
($133.0M)
($133.1)
($135.0M)
($135.9)
($140.0M)
($143.0)
Pre-Open Exp
($13.0M)
($11.0M)
($9.0M)
($5.9M)
($23.0M)
($20.5M)
($5.0M)
($4.0.M)
Interest Inc/(Exp):
($28.0M)
($26.7M)
($28.0M)
($26.4M)
($32.0M)
($28.2M)
($30.0M)
($30.0M)
Income Tax Rate:
-38.0% Year
-37.49%
-38.0% Year
-37.91%
-38.0% Year
-37.69%
-38.0% Q4
-38.12%
EPS:
$0.50 - $0.54
$0.49
$0.70 - $0.74
$0.77
$0.51 - $0.56
$0.52
$0.90 - $1.05
$1.10
Dil Share Count:
314.0M (year)
309.4
310.0M (year)
306.7
307.0M (rest of year)
305.4
307.0M (rest of year)
305.1
SG&A Growth %
9/12/2012
Tiburon Research Group

Compology - Comp Store Sales / Other Top-Line Metrics
Feb
Kohl's (KSS) FY 2012
Transaction Count
Avg Transaction Size
Total Company
-0.8%
E-Commerce Revenue (per 10-Q/10-K)
Transaction Count
Total Company
5.0%
Transaction Count
Total Company
3.7%
Transaction Count
Total Company
-1.6%
Transaction Count
Total Company
-3.8%
Transaction Count
Total Company
4.4%
Transaction Count
Total Company
3.4%
Transaction Count
Total Company
6.1%
Mar
3.6%
-6.5%
22.5%
-4.3%
-15.5%
16.8%
Apr
-3.5%
10.2%
-7.7%
-6.2%
3.5%
-10.5%
Q1
-1.4%
1.6%
0.2%
34.1%
1.1%
0.2%
1.3%
41.7%
8.8%
-1.4%
7.4%
48.3%
-2.6%
-1.6%
-4.2%
32.8%
-4.6%
-2.1%
-6.7%
29.5%
-0.1%
4.0%
3.9%
65.6%
May
-4.2%
0.8%
3.5%
-0.4%
-7.2%
10.5%
13.4%
4.8%
2.1%
6.9%
-1.0%
8.0%
0.0%
3.7%
3.7%
0.2%
3.7%
3.1%
Jun
-4.2%
7.5%
5.9%
-5.6%
2.3%
-4.9%
Jul
1.7%
-4.6%
4.1%
0.4%
-10.4%
0.0%
Q2
-4.5%
1.8%
-2.7%
38.6%
0.3%
1.6%
1.9%
35.7%
8.3%
-3.7%
4.6%
43.2%
0.3%
-2.6%
-2.3%
33.3%
-4.4%
-0.2%
-4.6%
34.2%
-1.2%
2.5%
1.3%
70.3%
Aug
Oct
Q3
Nov
Dec
Jan
Q4
Year
-2.5%
0.4%
-2.1%
49.3%
-1.2%
1.7%
0.5%
39.0%
5.4%
-1.1%
4.3%
50.7%
7.4%
-3.0%
4.4%
51.6%
7.3%
-2.8%
4.5%
44.0%
2.4%
-2.0%
0.4%
38.0%
-7.9%
-1.2%
-9.1%
-5.9%
-1.0%
-6.9%
41.8%
-1.3%
-2.7%
-4.0%
17.2%
-1.4%
0.6%
-0.8%
31.0%
8.7%
2.9%
1.2%
4.1%
3.8%
2.1%
5.9%
1.2%
2.2%
3.4%
3.4%
-1.9%
4.5%
0.2%
-5.8%
-0.6%
5.9%
3.3%
2.2%
5.5%
14.4%
-0.5%
1.3%
3.8%
5.1%
4.6%
7.1%
Sep
5.2%
4.1%
3.0%
5.5%
-5.5%
-3.2%
3.9%
-2.5%
1.4%
-9.0%
-3.8%
-3.1%
5.2%
2.1%
28.8%
8.3%
-6.5%
1.8%
36.6%
3.6%
-1.2%
2.4%
36.6%
-6.1%
-0.6%
-6.7%
92.2%
-0.8%
-1.8%
-2.6%
6.3%
-6.2%
6.1%
3.3%
-17.5%
10.2%
-0.1%
3.9%
4.7%
-1.4%
-11.4%
0.6%
1.4%
6.5%
-13.4%
-8.3%
4.2%
5.3%
3.2%
8.5%
-0.2%
6.2%
2.5%
1.0%
3.5%
-0.1%
4.6%
2.0%
1.7%
1.0%
2.7%
16.3%
3.7%
3.0%
Total Company
6.6%
-0.9%
-4.6%
-0.1%
5.0%
-3.7%
-4.2%
-1.2%
-0.7%
-1.3%
6.0%
1.2%
0.0%
3.1%
-1.6%
1.3%
0.3%
Total Company
-4.6%
0.4%
-4.1%
-2.4%
0.1%
-2.4%
6.7%
1.1%
3.2%
5.5%
-11.6%
-1.3%
-4.4%
-1.2%
0.3%
-2.1%
-1.6%
Total Company
Total Company
14.4%
9.1%
5.3%
9.1%
8.7%
14.8%
7.5%
10.6%
4.0%
-3.2%
18.3%
5.9%
-3.4%
3.3%
5.5%
1.2%
5.3%
7.3%
-1.9%
12.7%
5.3%
2.1%
1.7%
14.3%
5.4%
4.9%
4.0%
13.5%
7.1%
25.9%
0.6%
11.5%
10.1%
6.8%
Tiburon Research Group

Compology - Comp Store Sales 5-Year Run Rates
Kohl's (KSS)
Q1
Q2
Q3
Q4
5-Year Run Rate
-2.0%
-3.1%
FY 2012
0.2%
-2.7%
4-Year Run Rate
-2.2%
-0.4%
-0.5%
-2.4%
FY 2011
1.3%
1.9%
2.0%
-2.1%
3-Year Run Rate
-3.5%
-2.3%
-2.5%
-0.3%
FY 2010
7.4%
4.6%
1.8%
4.3%
FY 2009
-4.2%
-2.3%
2.4%
4.5%
FY 2008
-6.7%
-4.6%
-6.7%
-9.1%
Kohl's (KSS)
Feb
Mar
Apr
May
Jun
Jul
Aug
5-Year Run Rate
2.5%
-0.2%
-3.7%
-7.5%
5.9%
-8.8%
0.4%
Sep
Oct
Nov
Dec
Jan
FY 2012
-0.8%
3.6%
-3.5%
-4.2%
-4.2%
1.7%
3.4%
4-Year Run Rate
3.3%
-3.8%
-0.2%
-3.3%
10.1%
-10.5%
-3.0%
7.1%
-6.2%
-14.3%
7.1%
-4.9%
FY 2011
5.0%
-6.5%
10.2%
0.8%
7.5%
-4.6%
-1.9%
4.1%
3.9%
-6.2%
-0.1%
0.6%
3-Year Run Rate
-1.7%
2.7%
-10.4%
-4.1%
2.6%
-5.9%
-1.1%
3.0%
-10.1%
-8.1%
7.2%
-5.5%
FY 2010
3.7%
22.5%
-7.7%
3.5%
5.9%
4.1%
FY 2009
-1.6%
-4.3%
-6.2%
-0.4%
-5.6%
0.4%
4.5%
3.0%
-2.5%
6.1%
3.9%
1.4%
0.2%
5.5%
1.4%
3.3%
4.7%
6.5%
FY 2008
-3.8%
-15.5%
3.5%
-7.2%
2.3%
-10.4%
-5.8%
-5.5%
-9.0%
-17.5%
-1.4%
-13.4%
Kohl's (KSS) Comp Sales Run Rate Analysis

KSS 2-Year Comp Sales Run Rate
20.0%
20.0%
10.0%
10.0%
0.0%
0.0%
-10.0%
-10.0%
-20.0%
Q1 2002
-20.0%
Q1 2003
Q1 2004
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2002
Q1 2003
Q1 2004
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2010
Q1 2011
Q1 2012
20.0%
20.0%
10.0%
10.0%
0.0%
0.0%
-10.0%
-10.0%
-20.0%
-20.0%
Q1 2002
Q1 2005
Q1 2003
Q1 2004
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2002
Q1 2003
Q1 2004
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Monthly Revenue Data

Kohl's (KSS)
Feb
Mar
Apr
Q1
May
Jun
Jul
Q2
Aug
FY 2012 Revenue
1,173,000
1,815,000
1,254,000
4,242,000
1,337,000
1,708,000
1,161,000
4,206,000
1,489,000
Sep
Oct
Q3
Nov
Dec
Jan
Q4
FY
FY 2011 Revenue
1,161,000
1,723,000
1,278,000
4,162,000
1,372,000
1,753,000
1,122,000
4,247,000
FY 2010 Revenue
1,084,000
1,812,000
1,139,000
4,035,000
1,338,000
1,605,000
1,156,000
4,099,000
1,414,000
1,631,000
1,330,000
4,375,000
1,930,000
3,246,000
844,000
6,020,000
18,804,000
1,416,000
1,542,000
1,260,000
4,218,000
2,022,000
3,192,000
825,000
6,039,000
FY 2009 Revenue
1,006,100
1,433,000
1,199,000
3,638,100
1,255,000
1,471,000
1,080,000
18,391,000
3,806,000
1,315,000
1,464,000
1,273,000
4,052,000
1,870,000
3,014,000
798,000
5,682,000
FY 2008 Revenue
971,600
1,425,700
1,227,000
3,624,300
1,205,900
1,492,500
17,178,100
1,027,200
3,725,600
1,255,000
1,335,800
1,212,800
3,803,600
1,745,600
2,769,600
720,300
5,235,500
FY 2007 Revenue
929,300
1,547,700
1,095,100
3,572,100
1,191,900
16,389,000
1,345,200
1,052,100
3,589,200
1,223,400
1,327,200
1,274,600
3,825,200
2,023,200
2,672,900
791,400
5,487,500
FY 2006 Revenue
818,600
1,229,700
1,136,400
3,184,700
16,474,000
1,002,900
1,315,700
972,800
3,291,400
1,139,300
1,250,900
1,246,900
3,637,100
1,678,300
2,761,000
991,600
5,430,900
15,544,100
FY 2005 Revenue
712,700
1,091,400
938,700
2,742,800
899,100
1,142,800
846,200
2,888,100
1,007,500
992,300
1,119,600
3,119,400
1,493,700
2,481,800
676,400
4,651,900
13,402,200
FY 2012 Revenue Growth %
1.0%
5.3%
-1.9%
1.9%
-2.6%
-2.6%
3.5%
-1.0%
5.3%
FY 2012 Comp Growth %
-0.8%
3.6%
-3.5%
0.3%
-4.2%
-4.2%
1.7%
-2.6%
3.4%
FY 2012 "Split"
1.8%
1.7%
1.6%
1.6%
1.6%
1.6%
1.8%
1.6%
1.9%
7.1%
-4.9%
12.2%
3.1%
2.5%
9.2%
-2.9%
3.6%
-0.1%
5.8%
5.6%
3.7%
-4.5%
1.7%
2.3%
-0.3%
2.2%
5.0%
-6.5%
10.2%
1.8%
0.8%
7.5%
-4.6%
2.1%
-1.9%
4.1%
3.9%
2.1%
-6.2%
-0.1%
0.6%
-2.0%
0.8%
FY 2011 "Split"
2.1%
1.6%
2.0%
1.3%
1.7%
1.7%
1.7%
1.5%
1.8%
1.7%
1.7%
1.6%
1.7%
1.8%
1.7%
1.6%
1.5%
7.7%
26.4%
-5.0%
10.9%
6.6%
9.1%
7.0%
7.7%
7.7%
5.3%
-1.0%
4.1%
8.1%
5.9%
3.4%
6.3%
7.1%
3.7%
22.5%
-7.7%
8.9%
3.5%
5.9%
4.1%
4.6%
4.5%
3.0%
-2.5%
1.9%
6.1%
3.9%
1.4%
4.3%
4.8%
FY 2010 "Split"
4.0%
3.9%
2.7%
2.0%
3.1%
3.2%
2.9%
3.1%
3.2%
2.3%
1.5%
2.2%
2.0%
2.0%
2.0%
2.0%
2.2%
3.6%
0.5%
-2.3%
0.4%
4.1%
-1.4%
5.1%
2.2%
4.8%
9.6%
5.0%
6.5%
7.1%
8.8%
10.8%
8.5%
4.8%
-1.6%
-4.3%
-6.2%
-4.2%
-0.4%
-5.6%
0.4%
-2.2%
0.2%
5.5%
1.4%
2.5%
3.3%
4.7%
6.5%
4.5%
0.7%
FY 2009 "Split"
5.2%
4.8%
3.9%
4.6%
4.5%
4.2%
4.7%
4.3%
4.6%
4.1%
3.6%
4.0%
3.8%
4.1%
4.3%
4.0%
4.1%
4.6%
-7.9%
12.0%
1.5%
1.2%
11.0%
-2.4%
3.8%
2.6%
0.6%
-4.8%
-0.6%
-13.7%
3.6%
-9.0%
-4.6%
-0.5%
-3.8%
-15.5%
3.5%
-5.9%
-7.2%
2.3%
-10.4%
-4.3%
-5.8%
-5.5%
-9.0%
-6.7%
-17.5%
-1.4%
-13.4%
-8.4%
-6.5%
FY 2008 "Split"
8.4%
7.6%
8.5%
7.4%
8.4%
8.7%
8.0%
8.1%
8.4%
6.1%
7.0%
6.2%
3.8%
5.0%
4.4%
3.8%
6.0%
13.5%
25.9%
-3.6%
12.2%
18.8%
2.2%
8.2%
9.0%
7.4%
6.1%
2.2%
5.2%
20.6%
-3.2%
-20.2%
1.0%
6.0%
4.4%
16.8%
-10.5%
5.2%
10.5%
-4.9%
0.0%
1.7%
-0.6%
-3.2%
-3.8%
-2.6%
10.2%
-11.4%
-8.3%
-3.0%
-0.1%
FY 2007 "Split"
9.1%
9.1%
6.9%
7.0%
8.3%
7.1%
8.2%
7.4%
8.0%
9.3%
6.0%
7.7%
10.4%
8.2%
-11.9%
4.0%
6.1%
FY 2012 % Qtr Sales
27.7%
42.8%
29.6%
100.0%
31.8%
40.6%
27.6%
100.0%
FY 2011 % Qtr Sales
27.9%
41.4%
30.7%
100.0%
32.3%
41.3%
26.4%
100.0%
32.3%
37.3%
30.4%
100.0%
32.1%
53.9%
14.0%
100.0%
FY 2010 % Qtr Sales
26.9%
44.9%
28.2%
100.0%
32.6%
39.2%
28.2%
100.0%
33.6%
36.6%
29.9%
100.0%
33.5%
52.9%
13.7%
100.0%
FY 2009 % Qtr Sales
27.7%
39.4%
33.0%
100.0%
33.0%
38.6%
28.4%
100.0%
32.5%
36.1%
31.4%
100.0%
32.9%
53.0%
14.0%
100.0%
FY 2008 % Qtr Sales
26.8%
39.3%
33.9%
100.0%
32.4%
40.1%
27.6%
100.0%
33.0%
35.1%
31.9%
100.0%
33.3%
52.9%
13.8%
100.0%
FY 2007 % Qtr Sales
26.0%
43.3%
30.7%
100.0%
33.2%
37.5%
29.3%
100.0%
32.0%
34.7%
33.3%
100.0%
36.9%
48.7%
14.4%
100.0%
FY 2006 % Qtr Sales
25.7%
38.6%
35.7%
100.0%
30.5%
40.0%
29.6%
100.0%
31.3%
34.4%
34.3%
100.0%
30.9%
50.8%
18.3%
100.0%
Note: Quarterly revenue and quarterly comp store sales numbers above are a sum/average of the monthly sales numbers disclosed by the company each month. Therefore, quarterly revenue/comp store sales numbers above may not tie to the company's disclosure or SEC filings.
Note 2: Historical monthly sales numbers are not updated. Therefore, historical monthly sales numbers may not reflect acquisitions, divestitures, and/or store closings.

Expect Great Things. - .Just Not at KOHL's

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Expect Great Things. - .Just Not at KOHL's

Hochgeladen von

Copyright:

Verfügbare Formate

ExpectGreatThings

Q1 2011 Earnings Conference Call 05.12.2011:

Q2 2011 Earnings Conference Call 08.11.2011:

Q3 2011 Earnings Conference Call 11.10.2011:

Q4 2011 Earnings Conference Call 02.23.2012:

Biggest Brand Launches in Company History:

Q1 2011 Conference Call 05.12.2011:

What Went Wrong? Merchandising Thoughts:

KSS Q1 2012 Earnings Conference Call 05.10.2012:

10Q Filing 08.31.2012 Lease Restatement Remediation:

A lack of units? Despite an improved inventory position (per management on

KSS 10K Filing 03.16.2012:

KSS Q1 2012 Earnings Conference Call 05.10.2012:

Additional Red Flags: What Happened to the Sales Productivity Test?

Q1 2012 Earnings Conference Call 05.10.2012:

Additional Red Flags: ESignage Not Delivering Improved Profitability

Additional Red Flags: Brand Launches Do Not Appear to Have Produced an

KSS Q4 2011 Earnings Conference Call 02.23.2012:

Kohl's Corporation (KSS)

Balance Sheet Highlights:

Weighted shares - Basic

The adoption of EITF 02-16 reduced EPS by $0.03 in FY 2004.

KSS early adopted SFAS No. 123(R) in Q1 2005.

Q3 2006 Revenue: $15.000 million gain gift card breakage ($0.03)

KSS restated historical financials in Q2 2011 for an error related to historical

Kohl's (KSS) 3-Year Profitability Run Rates

Higher 125 Bps

Higher 127 Bps

Higher 109 Bps

Higher 104 Bps

Higher 116 Bps

Higher 202 Bps

Higher 137 Bps

Lower 272 Bps

Lower 165 Bps

Lower 164 Bps

Lower 169 Bps

Lower 114 Bps

Lower 179 Bps

Lower 119 Bps

Lower 161 Bps

Lower 186 Bps

Lower 157 Bps

Lower 170 Bps

Lower 156 Bps

Depreciation & Amort Exp %

Higher 100 Bps

Higher 106 Bps

Higher 213 Bps

Higher 190 Bps

Higher 197 Bps

Higher 191 Bps

Higher 198 Bps

Lower 219 Bps

Lower 168 Bps

Lower 163 Bps

Lower 271 Bps

Lower 321 Bps

Lower 234 Bps

Lower 248 Bps

Lower 144 Bps

Lower 143 Bps

Depreciation & Amort Exp %