23 May Financial Statements
1. Access the Securities and Exchange Commission EDGAR system
(https://www.sec.gov/edgar/searchedgar/companysearch.html) to view the most recent annual
financial statements and information for Kohls Corp.
a. Scroll down to find their latest 10K submission (Annual Report from March 2017) and click on
Interactive Data.
b. If you would like to use Excel for your case calculations you can click on View Excel Document.
The data will open in an Excel file
2. Relying on the assumptions listed below:
a. Prepare a complete pro forma forecast of Kohl’s 2018 income statement and year-end balance
sheet. (This is for fiscal year 2017 which ends in January 2018).
b. Determine the AFN using the pro forma balance sheet.
c. Assumptions: from Kohl’s Financial Results Report for fiscal year 2017 (ending in January of
2018)
Initial 2017 Fiscal Year Earnings Guidance:
http://phx.corporate-ir.net/phoenix.zhtml?c=60706&p=irol-newsArticle&ID=2248633
This guidance is based on the following assumptions:
Total sales change of 0.7% (which includes sales of approximately $160 million in the 53rd
week).
Gross margin as a percentage of sales to increase .15% over 2016
SG&A dollars to increase 0.5% over 2016.
Depreciation expense of $960 million
Interest expense of $300 million
Effective tax rate of 37.5%
$350 million in share repurchases
Capital expenditures of $700 million
No additional stores closing so no Impairment Expense or Gains/Losses on Extinguishment of
Debt
Ignore Net Income per share calculations
2018 Dividend of $2.08 per share with 173 million shares outstanding.
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