KEVIN MANSELL Chairman, Chief Executive Officer & President

Putting Customers First

Holiday Update

Priorities Update

Driving Traffic

Operational Excellence

Financial Priorities

Q&A

Putting Customers First

AGENDA

(2.7%)

(0.4%) 0.1%

6.9%

Sales Traffic

Q1 Q2 Q3 NOV/DEC

2017 Momentum in Sales & Traffic

0

Key Performance Metrics

Q1 Q2 Q3 Nov/Dec

13%

17% 15%

26%

FOOTWEAR

HOME

HOME

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FOOTWEAR

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CHILDREN’S

HOME

FOOTWEAR

CHILDREN’S

WOMEN’S

ACCESSORIES

MEN’S

HOME

WOMEN’S

ACCESSORIES

CHILDREN’S

MEN’S

CHILDREN’S

WOMEN’S

ACCESSORIES WOMEN’S

ACCESSORIES

FOOTWEAR

+

_

Q1 Q2 Q3 Nov/Dec Q1 Q2 Q3 Nov/Dec

National

Proprietary

Growth in digital demand Strength in both national and proprietary brands

Improvement throughout all lines of business

Company Priorities

DRIVING TRAFFIC

OPERATIONAL EXCELLENCE

Easy Experience

Amazing Products

Personalized Connections

Incredible Savings

Working Differently

Investment Priorities

DRIVING TRAFFIC

EASY EXPERIENCE Physical stores are core to our business

National store footprint

Flexible off-mall locations

Stores as fulfillment centers

DRIVING TRAFFIC

EASY EXPERIENCE Leveraging technology to enhance the store experience

Improved Mobile & App

Experience

Buy Online

Pick Up In Store Endless Aisle

Enhanced Point

of Commerce

Your Store Innovation

DRIVING TRAFFIC

EASY EXPERIENCE Driving innovation to evolve with the customer

• Customer experience

• Store operations

• Store management empowerment

ACTIVE + WELLNESS NATIONAL BRAND EXPANSION

DRIVING TRAFFIC

AMAZING PRODUCTS National brands driving engagement

DRIVING TRAFFIC

AMAZING PRODUCTS Speed & localization driving proprietary brands

Speed initiative Enhancement of our

largest brands

Personalization

in Marketing Personalized Search Your Price Smart Cart

Online + In Store

DRIVING TRAFFIC

PERSONALIZED CONNECTIONS Driving results through data & analytics

HI KATIE!

30M Customers 25M Customers $2B redeemed

DRIVING TRAFFIC

INCREDIBLE SAVINGS Kohl’s is a leader in loyalty

DRIVING TRAFFIC

INCREDIBLE SAVINGS Evolving our leadership in loyalty

Simplify Broaden Deepen

Working differently Investment priorities

OPERATIONAL EXCELLENCE

EXPENSE MANAGEMENT Working smarter to invest in our future

OPERATIONAL EXCELLENCE

STORES Making stores more productive

Improving technology for

associate productivity

Standard to small

Rightsizing stores

Small stores

Buy Online Pick Up In Store

Ship from Store

Ship to Store

Building on strong capital management

Balance Sheet Working Capital Improvements

• Inventory management

• Store refresh and remodel initiative

• Smaller stores

• Consistent operating cash flow

• Investment grade commitment

• Shareholder return

• Dividend growth

• Share buyback

Putting

customers first Progress in

performance Two priorities:

Driving traffic & operational excellence