By Karen Roman
Kohl’s Corp. (NYSE: KSS) said net sales decreased 8.8% to $3.5 billion and comparable sales declined 9.3% for the third quarter.
Net income was $22 million, or $0.20 per diluted share, compared to $59 million and $0.53 per diluted share the year prior, it said.
The company revised its annual guidance and expects net sales to fall 7% to 8% in contrast to 4% – 6% before, it stated. Earnings per share will now be in the range of $1.20 to $1.50, compared to $1.75 and $2.25.
Kohl’s also announced Tom Kingsbury will step down as CEO and will be succeeded by Ashley Buchanan, effective Jan. 15.
“We are approaching our financial outlook for the year more conservatively given the third quarter underperformance and our expectation for a highly competitive holiday season,” said Kingsbury.
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