Following the release of Kohl's, the retailer withdrew its 2022 sales and profit forecasts on Thursday, citing the volatility of the economy and a CEO transition.
Compared to the prior year, the company's third-quarter revenue dropped by 7% to $4.28 billion, while net income declined by 60% for the year to $97 million or 82 cents per share. fell by 5%. Amid record inflation and growing costs of living, Americans have cut back on shopping, making it difficult for Kohl's to clear out excess inventory despite prolonged item discounts.
Going forward, the company told investors that it does not plan to repurchase more shares until revenue increases, according to Reuters. At the start of November, Kohl's announced that its top boss, CEO, would depart in December for Levi Strauss. Starting December 2, board member Tom Kingsburg will serve as interim CEO while the company searches for a permanent replacement.
"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," said Peter Boneparth, Kohl’s Independent Board Chair, in a statement. "We look forward to partnering with Interim CEO Tom Kingsbury and the entire leadership team to execute at the highest level this holiday season while also capitalizing on opportunities to strengthen the business.
Kohl's plans to pay off its $668 million revolving loan debt by early December while in the early phase of holiday shopping. The company reportedly paid $57 million in dividends by the end of the third quarter with plans to pay an additional dividend before the end of 2022.
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