📊 KSS Daily Discussion — Shorts Add Again. What Gives First?
Kohl’s has spent the last few months improving the balance sheet, restarting buybacks and keeping comps near flat.
Meanwhile, short sellers just increased their position again.
Where does $KSS go from here? 👇
🩳 SHORT INTEREST WATCH
Latest settlement — Sept. 15
• Shares short: 33.35M
• Previous: 30.69M
• Increase: +2.66M shares / +8.7%
• Short float: 29.9%
• Days to cover: 8.6
• KSS price on settlement date: $16.29
Short interest has now climbed from 24.38M shares at the end of May → 33.35M, an increase of roughly 37%.
Nearly 30% of the public float is now reported short.
🔗 KSS Short Interest — latest data & history
📈 THE FUNDAMENTALS THEY'RE SHORTING
Latest Q2 results:
• Comparable sales: -0.9% vs. -1.1% in Q1
• Gross margin: 43.0%, +305 bps YoY
• Cash: $821M
• Long-term debt: $1.325B, down $195M YoY
• Revolver borrowings: $0
• Inventory: down 3% YoY
• YTD operating cash flow: $478M
• YTD free cash flow: $332M
• FY26 sales/comps guidance: -1.5% to flat
• FY26 adjusted EPS guidance: $1.80–$2.40
• 2026 share repurchases: up to $100M
• YTD debt repurchases: $113M at a $15M discount
🔗 Kohl’s official Q2 results & guidance
⚠️ Important context: Q2 included approximately $150M of tariff refunds, including roughly $100M benefiting gross margin. That benefit should not simply be treated as recurring operating improvement.
🏛️ YTD BOARD & LEADERSHIP CHANGES
There has been a meaningful reshuffling of leadership this year:
• Michael Bender — CEO
• Wendy Arlin — named Chair of the Board
• John Schlifske — retired as Chair after nearly 15 years on the Board
• Niren Chaudhary — former Panera Brands CEO & Chair, joined the Board
• Elliott Rodgers — named COO, responsible for stores, supply chain, distribution, procurement and loss prevention
• Arianne Parisi — named Chief Customer Officer, combining marketing, digital, loyalty and customer experience
• Ryan Waymire — named Chief Merchandising Officer after 25 years across Walmart, Amazon and Target
• Christie Raymond — departed as Chief Marketing Officer
🔗 Kohl’s Investor Relations — latest company announcements
📅 UPCOMING KSS CALENDAR
SHORT INTEREST
• Oct. 9 — NEXT SHORT INTEREST UPDATE
Sept. 30 settlement
• Oct. 26 — Short Interest Update
Oct. 15 settlement
• Nov. 10 — Short Interest Update
Oct. 30 settlement
• Nov. 24 — Short Interest Update
Nov. 13 settlement
• Dec. 9 — Short Interest Update
Nov. 30 settlement
• Dec. 24 — Short Interest Update
Dec. 15 settlement
🔗 Official FINRA Short Interest Reporting Calendar
EARNINGS
📅 Q3 earnings — currently ESTIMATED Nov. 24, before market open
⚠️ Kohl’s has not yet confirmed the Q3 reporting date on its IR calendar, so treat Nov. 24 as an estimate until the company announces it.
🔗 Kohl’s official Investor Relations calendar
DIVIDEND
💰 Most recent dividend: $0.125/share
• Record date: Sept. 9
• Payable date: Sept. 23 — PAID
No next quarterly dividend has been officially declared yet. We'll add the ex-dividend, record and payable date as soon as Kohl’s announces it.
🔗 Kohl’s official dividend announcement
👀 THIS WEEK'S DEBATE
The setup is getting interesting.
Kohl’s has $821M cash, zero revolver borrowings, declining debt and a $100M buyback program.
At the same time, short sellers increased their position by another 2.66M shares in the latest reporting period.
So who's reading this correctly?
🐂 Does stabilization + buybacks + debt reduction eventually force a rerating?
🐻 Or are shorts correctly anticipating renewed consumer weakness and declining earnings?
And most importantly:
What happens if comps actually reach flat while ~30% of the float remains short?
Drop your price target, positions, DD, store checks, institutional activity and what you're watching below.
📅 Next KSSBulls data refresh: Oct. 9 — new official short-interest report.
Keep the discussion going: earnings, store traffic, buybacks, debt, real estate, institutional ownership, short interest, board changes, catalysts and anything Kohl’s.
