Investor Presentaiton

We remain confident in our ability to expand operating margin to 7% to 8% Gross Margin Drivers • Drive inventory turn of 4.0x+ ● Dynamic inventory allocation Inventory Management • Strategic focus on more productive categories Sourcing Cost Savings SG&A Expense Management Initiatives Transform labor across stores and fulfillment centers to mitigate wage inflation Scale self-service across chain • Drive productivity across fulfillment centers . Continue to leverage our centralized sourcing and direct factory negotiations • Developing strategies to further reduce reliance on third party agents + Build on initial success in improving marketing efficiency • Goal to lower spend ratio to 4.0% of sales or below • Reduced marketing expenses by more than $130M since 2019 Optimizing Price / Promotion Strategies Simplified pricing while reducing promoted offers • Greater deployment of targeted and personalized offers. Focused on maintaining technology efficiency Reduced technology expenses by more than $100M since 2019 • Rebalanced technology staff with more internal labor KOHL'S Gross Margin 36% to 37% SG&A Expense Ratio 27% to 28% We are confident in our long-term ability to navigate ongoing margin pressure from cost inflation, higher freight expense, wage investments, and increasing digital penetration 16

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