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● Kohl's Reports First Quarter Fiscal 2021 Financial Results First quarter net sales and earnings exceed expectations and company raises full year 2021 financial outlook First quarter net sales increase 69.5 % First quarter diluted earnings per share of $ 0.09 ; adjusted diluted earnings per share ( 2 ) of $ 1.05 Strengthened financial position during the quarter , reducing long - term debt by over $ 500 million and ending with $ 1.6 billion in cash Raises full year 2021 net sales to increase in the mid - to - high teens percentage range as compared to 2020 , operating margin to be in the range of 5.7 % to 6.1 % and adjusted earnings per share to be in the range of $ 3.80 to $ 4.20 , excluding any non - recurring charges MENOMONEE FALLS , Wis .-- ( BUSINESS WIRE ) -May 20 , 2021-- Kohl's Corporation ( NYSE : KSS ) today reported results for the quarter ended May 1 , 2021 . ( $ in millions , except per share data ) Total revenue Net sales ( 1 ) Gross margin Selling , general , and administrative expenses Reported Net income ( loss ) Diluted earnings ( loss ) per share Non - GAAP ( 2 ) Adjusted net income ( loss ) Adjusted diluted earnings ( loss ) per share ( 1 ) Represents change in Net sales vs. prior year period . ( 2 ) Excludes Loss on extinguishment of debt and Impairments , store closing , and other costs . SA LA CA LA GA 2021 3,887 Updated 2021 Financial Outlook The Company is raising its full year 2021 financial outlook to include the following : 69.5 % 39.0 % 1,170 $ GA 14 $ 8 0.09 EA EA $ LA GA 165 1.05 $ Three Months 2020 2,428 ( 43.5 ) % 17.3 % 1,066 Exhibit 99.1 ( 541 ) ( 3.52 ) ( 495 ) ( 3.22 ) Change 60.1 % 2,173 bps 9.8 % 100 % + 100 % + 100 % + 100 % + " We are very pleased with our strong start to 2021 with both sales and earnings materially exceeding expectations . Along with a favorable consumer spending backdrop , we continue to see our key strategic initiatives gain traction and resonate with customers . We saw momentum build through the quarter , especially in our stores where we continue to elevate the experience . We are eagerly preparing for the upcoming launch of our Sephora partnership as well as the introduction of several new exciting brands this fall , " said Michelle Gass , Kohl's chief executive officer . " We are positioned to capitalize on growth opportunities during the balance of 2021 and remain firmly on track to achieving our 2023 strategic goals . Based on our first quarter results , we are raising our full year 2021 guidance , " said Gass . Net sales is now expected to increase in the mid - to - high teens percentage range compared to the previous expectation of mid - teens percentage rate increase Operating margin is now expected to be in the range of 5.7 % to 6.1 % compared to the previous expectation of 4.5 % to 5.0 % Adjusted earnings per share is now expected to be in the range of $ 3.80 to $ 4.20 , excluding any non - recurring charges , compared to the previous expectation of $ 2.45 to $ 2.95 Dividend On May 12 , 2021 , Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $ 0.25 per share . The dividend is payable June 23 , 2021 to shareholders of record at the close of business on June 9 , 2021 . First Quarter 2021 Earnings Conference Call Kohl's will host its quarterly earnings conference call at 9:00 am ET on May 20 , 2021. A webcast of the conference call and the related presentation materials will be available via the Company's web site at investors.kohls.com , both live and after the call . Cautionary Statement Regarding Forward - Looking Information and Non - GAAP Measures This press release 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 , " " anticipates , " " plans , " or similar expressions to identify forward - looking statements . Such statements are subject to certain risks and uncertainties , which could cause the Company's actual