Apparel and footwear sales remained soft in the third quarter, says outgoing CEO Tom Kingsbury.
Kohl's (KSS) came out with quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.53 per share a year ago.
Kohl's (KSS) shares are tumbling 17% in premarket trading Tuesday after the retailer posted weaker-than-expected quarterly results and lowered its outlook.
Kohl's stock tanks after yet another sales miss, as the retailer's core apparel and shoes businesses remain weak.
Kohl's cut its annual sales forecast for the third time this year on Tuesday, in a sign the department-store chain is struggling to draw in shoppers ahead of a deal-heavy holiday shopping season.
Kohl's (KSS) shares are falling 3.5% in premarket trading after the department store company said that Chief Executive Officer (CEO) Tom Kingsbury is stepping down after less than two years running the struggling retailer.
Kohl's surprise CEO departure announcement a day before its quarterly results will play on the minds of investors, who were looking out for a positive forecast from the struggling department store chain ahead of the key holiday shopping season.
Kohl's Corporation KSS will release earnings results for the third quarter, before the opening bell on Tuesday, Nov. 26.
Kohl's has appointed Michaels Companies CEO Ashley Buchanan to succeed its current CEO Tom Kingsbury when Kingsbury steps down on Jan. 15. Kingsbury will retain an executive advisory role and board seat through his retirement in May, the retailer said in a Monday (Nov. 25) press release.
Tom Kingsbury is retiring, to be replaced by Ashley Buchanan, current CEO of Michaels.
CNBC's Courtney Reagan joins 'Closing Bell Overtime' to talk Kohl's CEO stepping down.
Kohl's said on Monday that Tom Kingsbury plans to step down as CEO, effective Jan. 15, 2025, and will be replaced by Ashley Buchanan.