THE WHAT? Kohl’s has reported its results for the third quarter of fiscal 2023. The US department store chain reported net sales of US$3.8 billion, down 5.2 percent from the year-ago quarter, but gross margin grew 158 basis points to 38.9 percent.

THE DETAILS Net income was US$59 million, or US$0.53 per diluted share, compared to Q3 2022’s US$97 million and US$0.82 per diluted share.

THE WHY? Tom Kingsbury, Kohl’s Chief Executive Officer, comments, “Kohl’s third quarter earnings reflect strong gross margin and expense management as well as additional progress against our strategic priorities. I am pleased with our store performance driven by strong growth in Sephora and the newness in our home and gifting initiatives. This reinforces our actions are working and resonating with our customers. In addition, we drove a 13 percent reduction in inventory as we benefited from our new disciplines.”