Key Highlights

  • Shares are trading 2.19% lower at $23.26 on Wednesday, October 28, 2026.
  • Short interest was 32,691,760 shares for the settlement date of October 15, 2026, or 28.8% of shares outstanding.
  • Days to cover stood at 7.41 on average daily volume of 4,414,076 shares.
  • Second-quarter net income was $151 million, or $1.28 per diluted share, with about $150 million of tariff refunds received.
  • Fiscal 2026 adjusted diluted EPS guidance is $1.80 to $2.40.

Kohl's Shares: Why Is a Heavily Shorted Retailer Trading Lower Today?

Kohl's (NYSE:KSS) shares are trading 2.19% lower at $23.26 on Wednesday, October 28, 2026, which puts the implied prior close near $23.78 (calculated from the price and percentage). No company announcement dated today accompanied the decline, and the retailer's most recent earnings release was on August 26.

With about 113.38 million shares outstanding, the market value works out to roughly $2.64 billion at the current price (calculated). The stock appears among the most shorted names today.

Short Interest: What Does 28.8% of Shares Outstanding Sold Short Mean for Price Swings?

Short-interest data for the settlement date of October 15, 2026, showed 32,691,760 shares sold short, up 1,607,115 from the prior settlement. That equals 28.8% of shares outstanding. A percentage of float was not published, and shares outstanding can differ from the float.

Days to cover was 7.41, based on average daily volume of 4,414,076 shares. That implies more than a week of typical trading to buy back all short positions.

A high short interest can magnify moves in both directions. Buying by short sellers closing positions can accelerate gains, while a loss of confidence can add selling pressure to declines. The figure describes positioning, not the direction of the next move.

Second-Quarter Results: How Did Tariff Refunds Lift Gross Margin by 305 Basis Points?

For the quarter ended August 1, net sales fell 0.9% to $3.3 billion and comparable sales also declined 0.9%. Gross margin rose 305 basis points to 43.0% of sales, helped by about $150 million of tariff refunds received, of which roughly $100 million flowed through gross margin.

Selling, general and administrative expense fell 0.9% to $1.2 billion, flat as a share of revenue at 33.8%. Operating income was $261 million, or 7.4% of revenue, compared with $279 million a year earlier.

Net income was $151 million, or $1.28 per diluted share, against $153 million, or $1.35. Inventory ended the quarter at $2.9 billion, down 3%, while operating cash flow was $552 million versus $598 million.

Raised Outlook and Buybacks: What Did Guidance Say About the Full Year?

Over six months, net sales fell 1.2% to $6.3 billion, and long-term debt was down $195 million from a year earlier.

The company raised its fiscal 2026 outlook. Net sales and comparable sales are expected to change by minus 1.5% to flat, adjusted operating margin to land at 3.5% to 4.0%, and adjusted diluted EPS at $1.80 to $2.40.

A quarterly dividend of $0.125 per share was paid on September 23, 2026. The company also said it is restarting share repurchases, with up to $100 million planned in 2026 under its existing $3 billion authorization.

What to Watch Next: Does Short Interest Move in the October 30 Settlement Data?

The next short-interest settlement date is October 30, 2026, with publication expected on November 10. The fiscal third quarter ends around October 31 (calculated from a 13-week quarter after August 1), and the release does not state a reporting date. Margin effects of tariff refunds and the pace of buybacks are other items to track.