Kohl's Shares Plunge 20% Following CEO Exit and Disappointing Sales Report
The retailer names Michaels CEO Ashley Buchanan as its new leader while grappling with slumping revenue and a bleak holiday outlook.
- Kohl's announced that CEO Tom Kingsbury will step down in January, with Michaels CEO Ashley Buchanan set to take over the role.
- The company reported a same-store sales decline of 9.3% in Q3, marking its eleventh consecutive quarterly drop in this metric.
- Kohl's shares fell over 20% following the announcement, bringing its total stock decline for the year to nearly 50%.
- The retailer revised its full-year forecast downward, now expecting net sales to drop between 7% and 8%.
- Analysts express concern over the abrupt leadership change and Kohl's ability to compete with discount retailers during the critical holiday season.
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