Kohl’s Q3 sales decrease, withdraws full year outlook

Third quarter comparable sales at Kohl’s Corporation decreased 6.9 percent and net sales decreased 7.2 percent to 4,277 million dollars.

Third quarter diluted earnings per share were 82 cents and adjusted diluted earnings per share were also 82 cents compared to 1.65 dollars per share last year.

The company said in a release that Kohl’s board has formed a search committee to oversee the search for a new CEO while Tom Kingsbury has agreed to serve as interim CEO during the transition period.

“The Kohl’s board is focused on supporting the management team during this CEO transition period, as well as the board’s search committee in its pursuit of finding the next CEO to lead Kohl’s. We look forward to partnering with interim CEO Tom Kingsbury and the entire leadership team to execute at the highest level this holiday season,” said Peter Boneparth, Kohl’s independent board chair.

The company added that given the recent volatility in business trends, the significant macroeconomic headwinds, along with the unexpected CEO transition, the company will not be providing guidance for the fourth quarter, and therefore is withdrawing its prior full year 2022 guidance.

As previously announced, on November 9, 2022, Kohl’s board of directors declared a quarterly cash dividend on the company’s common stock of 50 cents per share payable December 21, 2022 to shareholders of record at the close of business on December 7, 2022.