Turnaround strategy meets skeptical but active market

Kohl’s shares hover around the high teens after a sharp rebound over the past year, yet remain well below prior peaks, as analysts trim ratings to Hold even while noting a solid relative strength rating and a recent revenue beat. The company is under activist investor pressure while leaning heavily into beauty partnerships like Sephora and M·A·C, modest dividends, and new in-store concepts such as “deal bars” to clarify its strategy. Options activity, notable short interest, shifting institutional positions, and comparisons with peers highlight a divided market on whether Kohl’s turnaround and beauty push can offset weak earnings trends and long-term structural challenges in department stores.