© Reuters. Kohl’s (KSS) soars on CEO exit, preliminary results
By Senad Karaahmetovic
Kohl’s (NYSE:) stock is trading about 10% higher in pre-market Tuesday after the retailer presented its preliminary third-quarter earnings.
The company saw its sales fall 6.9%, for the three months to October 29, and net sales dropping by 7.2% compared to the prior year. The operating margin was 4.7% while the diluted earnings per share should come at $0.82.
The implied Q3 net sales would be $4.27 billion given that Kohl’s reported sales of $4.6B for the same period last year. The current market consensus sees EPS of $0.62 on sales of $4.07B.
Kohl’s plans to release its full third-quarter 2022 financial results on Thursday, November 17.
Separately, Kohl’s announced that its CEO Michelle Gass plans to step down as CEO and member of the Kohl’s Board of Directors starting from December 2, 2022. Tom Kingsbury will serve as interim CEO until a permanent successor is named.
Kingsbury stated, “I’m proud and humbled to take the Interim CEO role during such an important time for the Company. Despite a challenging economic environment, Kohl’s is well positioned for long-term success with its unique off-mall store footprint, omnichannel presence, and loyal customer base.”
Kohl’s shares were down about 45% year-to-end based on yesterday’s close.
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