Investor Presentaiton

Q2 2022 Gross Margin & SG&A Expense Performance Gross Margin Decreased (290 bps) versus Q2 2021 SG&A Expense Deleveraged (351 bps) vs Q2 2021 42.5% 39.6% Q2 2021 Q2 2022 Gross Margin Takeaways Q2 2022 % Total Revenue . Elevated freight costs due to global supply chain challenges · . Higher product costs driven by inflation • Increased promotional activity KOHL'S $1,283M $1,241M 27.9% Q2 2021 31.4% Q2 2022 Q2 2022 SG&A Takeaways Incremental growth investments in our stores, including Sephora and store refreshes totaling $36 million • Higher wages and transportation costs 7

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