Kohl : 2024 Investor Presentation

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," "anticipates," "plans," or similar expressions to identify forward-looking statements. Forward-looking statements include, but are not limited to, comments about Kohl's future financial plans, capital generation, management and deployment strategies, adequacy of capital resources and the competitive environment. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Any number of risks and uncertainties could cause actual results to differ materially from those Kohl's expresses in its forward-looking statements, including macroeconomic conditions such as inflation. Forward-looking statements relate to the date initially made, and Kohl's undertakes no obligation to update them.

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Non-GAAP Financial Measures

In addition, this presentation contains non-GAAP financial measures, including Adjusted Free Cash Flow. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measures are included in the Appendix of this presentation.

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New leadership team positioned to capitalize on opportunity

Tom Kingsbury appointed as CEO in 2023, bringing exceptional industry expertise and leadership experience in transformational strategies

• Track record of growing retail businesses, coupled with deep knowledge of the Company through previous roles at Kohl's, both as a director and as an executive
• Proven progress to date on strategy, including the best comparable store sales performance since 2010 in 2023 as well as enhanced inventory disciplines, resulting in a 10% YoY reduction in inventory at year-end 2023
• Refreshed Kohl's leadership team with talented retail executives and reorganized merchandising and marketing departments to drive sales productivity and efficiency in operations

Supported by strong operating committee with relevant retail experience

Our Strategic Priorities

Enhance the

Customer Experience

• Re-establishingstores as key focal point of strategy by creating an engaging in-store experience to regain sales productivity
• Sephora sales expected to exceed $2 billion by 2025
• $2+ billion of incremental sales opportunity in under-penetrated categories (e.g. home, baby gear, gifting, impulse)
• Driving customer engagement through more relevant apparel and footwear offerings with new go-to market strategies

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ENHANCE THE CUSTOMER EXPERIENCE

Re-establishing stores as a key focus to drive productivity

Store Experience Actions

900+ Sephora at Kohl's locations

Enhanced signage and simplified graphics

Front-of-store seasonal gifting destination

Expanded self-checkout kiosks

Improving merchandising flow & adjacencies (in progress)

Expanding impulse checkouts to additional 350 stores

(in progress)

Best comparable store sales performance since 2010

Evidence our strategy is working

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