Investor Presentaiton

Q2 Inventory impacted by unique factors +$269M +$730M +$220M +$82M $4,034M $2,733M +27% Accounted for additional +21% Q2 2021 Core In-Transit Sephora / Beauty Pack & Hold Q2 2022 Q2 2022 Inventory Increased 48% Y/Y; excluding unique factors, inventory increased 27% Y/Y and declined (8%) to Q2 2019 • In-transit inventory increased as we incorporated additional transportation time to ensure we meet consumer demand • • Sephora / Beauty inventory increased to support the 400 Sephora shops opening in 2022 Pack & hold strategies were leveraged for late holiday receipts including sleepwear and fleece KOHL'S 8

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