Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Kohl’s lowers annual sales forecast again on waning holiday shopping demand

admin by admin
November 26, 2024
in Stock
0
Kohl’s lowers annual sales forecast again on waning holiday shopping demand
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

(Reuters) -Kohl’s on Tuesday forecast a bigger drop in annual sales than previously expected, a sign the department-store chain is struggling to draw in shoppers as it navigates a CEO change ahead of a promotion-heavy holiday shopping season.

Shares of the Menomonee Falls, Wisconsin-based company fell 17% before the bell, as it also reported worse-than-expected third-quarter results.

The weak forecast underscores an uncertain holiday season for the retail sector, which could lean in favor of deal-heavy competitors such as Walmart (NYSE:WMT) and Amazon.com (NASDAQ:AMZN) as customers turn increasingly bargain-focused.

“Our third-quarter results did not meet our expectations, as sales remained soft in our apparel and footwear businesses,” Kingsbury said.

Kohl’s (NYSE:KSS), whose stock has declined 36% in value this year, announced the exit of CEO Tom Kingsbury a day earlier. He will be succeeded by Ashley Buchanan, retail veteran and Michaels Companies (NASDAQ:MIK) chief, in January.

The CEO’s surprise departure comes as the company enters the critical holiday shopping period including Black Friday, one of the busiest times of the year for retailers and shoppers.

Higher prices of groceries and other essentials have stretched consumer budgets, particularly among middle-income shoppers, prompting them to opt for cheaper offerings at off-price retailers such as TJX (NYSE:TJX) Cos, which has seen strong sales this year.

Under the outgoing CEO, Kohl’s had focused on improving its assortment of product in the home decor, gifts and kid’s clothing categories, as part of the company’s turnaround efforts in response to its slowing core apparel and footwear business.

It logged a decrease in comparable sales of 9.3% for the quarter ended Nov. 2, its eleventh consecutive quarter of decline. Analysts on average estimated a 5.1% drop, according to data compiled by LSEG.

Earnings-per-share missed expectations at 20 cents per share, compared to an estimate of 28 cents.

The company now expects full-year net sales in the range of a 7% to 8% decline, compared to its prior forecast of a drop between 4% and 6%. This is Kohl’s third straight quarter with a lowered sales forecast.

This post appeared first on investing.com

Previous Post

Arrowhead stock soars on $825M Sarepta Therapeutics deal

Next Post

Modi’s party distances itself from India’s Adani amid opposition protests

admin

admin

Next Post
Modi’s party distances itself from India’s Adani amid opposition protests

Modi’s party distances itself from India’s Adani amid opposition protests

Trending News

Homebase inches closer to administration but The Range could save it

Homebase inches closer to administration but The Range could save it

November 13, 2024
Will the Fed factor in Trump’s fiscal policy plans at its December meeting?

Will the Fed factor in Trump’s fiscal policy plans at its December meeting?

November 16, 2024
Are you a tenant or landlord in India? Harish Fabiani explains how green leasing can benefit your finances

Are you a tenant or landlord in India? Harish Fabiani explains how green leasing can benefit your finances

October 19, 2024
Subscribe to Insightful Word


    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025
    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    August 28, 2025
    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    August 28, 2025

    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025

    Latest News

    • Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in
    • SentinelOne stock price forecast ahead of earnings: buy or sell?
    • Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.