.Kohls pulled its outlook amid a consumer slowdown over the past month and its corner office transition.
While those moves changed the complexion of Kohl’s, financial results lagged and the company — as well as Gass and Boneparth — were dogged by activist investors pushing for bigger changes. “We’re not looking for a CEO who’s coming in to change the strategy that we’ve embarked on,” the independent chair said.
Kohl’s third-quarter net income fell by 60 percent to $97 million, or 82 cents a diluted share, down from $243 million, or $1.65, a year ago. EPS came in as the company projected last week, but analysts had been bracing themselves for even steeper declines and had 78 cents penciled in — 4 cents worse than the final result.In August, Kohl’s updated its annual outlook, noting that sales would decline by 5 to 6 percent with adjusted EPS of $2.80 to $3.
Timm told analysts: “Persistently high inflation continues to dampen consumer spending and our business, given our exposure to discretionary categories like apparel and home goods, which are facing disproportionate pressure. The company’s digital sales, which accounted for 29 percent of the total, slipped 8 percent for the quarter, but were still up 20 percent compared with before the pandemic.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
See how far Pokémon Go creator Niantic’s AR gaming ambitions have comeNew hardware, new software, new AR experiences.
Read more »
Musk says he expects to find a new Twitter CEO 'over time'NEW YORK (AP) — Billionaire Elon Musk, who just took over as the chief executive at Twitter after buying the company, said he does not want to be the CEO of any company. Musk took the witness stand Wednesday in a Delaware court to defend himself in a shareholder lawsuit challenging a compensation package he was awarded by Tesla's board of directors that is potentially worth more than $55 billion.
Read more »
Elon Musk says he doesn’t want to be CEO of Twitter, or any companyMusk said he would appoint a new CEO of Twitter.
Read more »
FTX’s new CEO John Ray coldly addresses SBF’s erratic tweetsThe CEO of cryptocurrency exchange FTX, John J. Ray III, who is overseeing the company’s bankruptcy curtly addressed a series of tweets by former CEO Sam Bankman-Fried, noting he doesn’t speak for them and he’s no longer at the company.
Read more »
Elon Musk defends his title as “technoking” of Tesla, but not Twitter CEOElon Musk defends his title as 'technoking' of Tesla, but not Twitter CEO
Read more »
Elon Musk says he expects to find a new Twitter CEO ‘over time’Musk said “I expect to reduce my time at Twitter and find somebody else to run Twitter over time,” according to multiple media reports.
Read more »