.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.
France Dernières Nouvelles, France Actualités
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