Investor Presentaiton

Q2 2022 Summary Key Takeaways • A weakening macro environment, high inflation and dampened consumer spending are having broad implications across much of retail, especially in discretionary categories like apparel. Given our penetration in these discretionary categories, this is disproportionately impacting Kohl's. • Our Q2 results reflect a middle-income customer that has become more cost conscious and is feeling greater pressure on their budget -- we are seeing customers make fewer shopping trips, spend less per transaction, and shift towards our value-oriented private brands. • Continuing to make progress in our strategic transformation, and now have nearly 600 of our stores recently refreshed and reflecting our forward vision as the leading destination for the active and casual lifestyle, with Sephora as a key cornerstone • Sephora at Kohl's continues to exceed expectations driving incremental sales and attracting new customers in stores with a Sephora shop-in-shop ● Entered into $500M ASR agreement on August 18 and remain firmly committed to our current dividend Focused on maintaining strong balance sheet with long-term objective of sustaining Investment Grade rating Q2 2022 S+SEPHORA SEPHORA • . KOHL'S • • Comparable sales decreased (7.7%) versus Q2 2021; net sales decreased (8.5%) Gross margin decreased (290 bps) compared to last year due to increased freight costs and product cost inflation, as well as elevated promotions SG&A expense increased 3.4% in Q2, driven largely by investments in key strategic initiatives, including Sephora store openings and store refreshes, as well as higher wages and transportation costs Operating margin of of 6.5% in Q2 2022 with diluted earnings per share of $1.11 Inventory increased 48% versus last year due to lower sales and unique factors, including investment in beauty, higher in-transit and pack and hold inventory; excluding the unique factors, inventory increased 27% to last year and decreased (8%) to Q2 2019 KOHLS what are you looking for today? Continue shoppin Pickup Park See move tas Offers for your cat CHECHOU? $64.00 Apply cospons Sale $42.00 Women's Eddie Bauer Everytry Flex Maid Plan SMALL Color A Force Stu Sat Jan 20-Wed Feb 2 Sove for Later Women's Crot & Barrow The Ex Shirt S: LARGE Cor Red Maid alryber 5

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