KOHL’S CORPORATION

1 Table of Contents UNITED STATES. SECURITIES AND EXCHANGE COMMISSION. Washington, 20549. FORM 10-K. (Mark One). Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the fiscal year ended January 30, 2021. or Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Transition period from _____ to _____. Commission file number 1-11084. KOHL'S CORPORATION . (Exact name of registrant as specified in its charter). Wisconsin 39-1630919. (State or other jurisdiction of incorporation or organization) ( Employer Identification No.)

2 N56 W17000 Ridgewood Drive, Menomonee Falls, Wisconsin 53051. (Address of principal executive offices) (Zip Code). Registrant's telephone number, including area code (262) 703-7000. Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Name of each exchange on Symbol(s) which registered Common Stock, $.01 par value KSS New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

3 Yes No . Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No . Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No . Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

4 Yes No . Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large Accelerated Filer Accelerated Filer . Non-Accelerated Filer Smaller Reporting Company . Emerging Growth Company . If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

5 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 (b)) by the registered public accounting firm that prepared or issued its audit report.. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No . At July 31, 2020, the aggregate market value of the voting stock of the Registrant held by stockholders who were not affiliates of the Registrant was approximately $ billion (based upon the closing price of Registrant's Common Stock on the New York Stock Exchange on such date).

6 At March 10, 2021, the Registrant had outstanding an aggregate of 157,716,240 shares of its Common Stock. Documents Incorporated by Reference: Portions of the Definitive Proxy Statement for the Registrant's 2021 Annual Meeting of Shareholders are incorporated into Part III. Table of Contents KOHL'S CORPORATION . INDEX. PART I. Item 1. Business 3. Item 1A. Risk Factors 6. Item 1B. Unresolved Staff Comments 14. Item 2. Properties 14. Item 3. Legal Proceedings 16. Item 4. Mine Safety Disclosures 16. Item 4A. Information about our Executive Officers 16.

7 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 18. Item 6. Selected Consolidated Financial Data 21. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22. Item 7A. Quantitative and Qualitative Disclosures About Market Risk 38. Item 8. Financial Statements and Supplementary Data 39. Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosures 62. Item 9A. Controls and Procedures 63.

8 Item 9B. Other Information 65. PART III. Item 10. Directors, Executive Officers, and Corporate Governance 65. Item 11. Executive Compensation 65. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65. Item 13. Certain Relationships and Related Transactions, and Director Independence 66. Item 14. Principal Accounting Fees and Services 66. PART IV. Item 15. Exhibits and Financial Statement Schedules 67. Item 16. Form 10-K Summary 69. SIGNATURES 70. 2. Table of Contents PART I.

9 Item 1. Business Kohl's CORPORATION (the Company," Kohl's, "we," "our" or "us") was organized in 1988 and is a Wisconsin CORPORATION . As of January 30, 2021, we operated 1,162 Kohl's stores, a website ( ), and 12 FILA outlets. Our Kohl's stores and website sell moderately-priced private and national brand apparel, footwear, accessories, beauty, and home products. Our Kohl's stores generally carry a consistent merchandise assortment with some differences attributable to local preferences. Our website includes merchandise which is available in our stores, as well as merchandise that is available only online.

10 Our merchandise mix includes both national brands and private brands that are available only at Kohl's. Our private portfolio includes well-known established brands such as Apt. 9, Croft & Barrow, Jumping Beans, SO, and Sonoma Goods for Life, and exclusive brands that are developed and marketed through agreements with nationally-recognized brands such as Food Network, LC Lauren Conrad, and Simply Vera Vera Wang. Compared to private brands, national brands generally have higher selling prices, but lower gross margins.