Kohl's Stock Tumbles Toward A 4-Year Low After Earnings Miss Across The Board, Amid Weakness In Clothes And Shoes -- MarketWatch

MarketWatch · 11/26 12:14

Shares of Kohl's Corp. (KSS) tumbled 11.8% toward a more than four-year low in premarket trading Tuesday, after the department-store chain reported fiscal third-quarter results that missed expectations across the board, citing continued weakness in the apparel and footwear businesses. The downbeat report comes the morning after the company said Chief Executive Tom Kingsbury was stepping down, effective Jan. 15. Net income for the quarter to Nov. 2 dropped to $22 million, or 20 cents a share, from $59 million, or 53 cents a share, in the same period a year ago. That missed the FactSet consensus for earnings per share of 28 cents. Net sales fell 8.7% to $3.51 billion, below the FactSet consensus of $3.64 billion, as same-store sales sank 9.3% to miss expectations of a 5.1% decline. The company also lowered its full-year outlook for EPS to $1.20 to $1.50 from $1.75 to $2.25 and for net sales to a decline of 7% to 8% from a decrease of 4% to 6%. The stock has dropped 36.1% year to date through Monday, while the S&P SPDR Retail ETF (XRT) has gained 16.2% and the S&P 500 has advanced 25.5%.

-Tomi Kilgore

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November 26, 2024 07:14 ET (12:14 GMT)