Kohl's news and archive

Kohl's board terminates CEO Ashley Buchanan; appoints Michael Bender as interim CEO

Department store chain Kohl's Corp. (KSS) announced Thursday that the Board of Directors has decided to terminate chief executive officer Ashley Buchanan for cause after an investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Buchanan violated company policies. Buchanan was found to have directed...

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Kohl's negative Q4 performance signals turnaround woes

Department store chain Kohl's reported a significant downturn in its fourth-quarter performance, signalling ongoing challenges in its turnaround strategy. Net sales plummeted by 9.4 percent, while comparable sales declined by 6.7 percent. Earnings per share (EPS) dropped to 95 cents for the quarter under review. Despite initiatives implemented...

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Unwrapping in 2025 - Leadership overhauls beckon fresh beginnings: The turnaround strategies of new CEOs

2024 seemed to take shape as a period of transition for many of the industry’s biggest players as they looked to swiftly, yet effectively, turn around lacklustre financials and return to growth, profitability or both. To lead such strategies, many took to overhauling their leadership teams, naming new CEOs in the process who have come in guns...

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Kohl’s posts sales and earnings decline

Kohl’s third quarter net sales decreased 8.8 percent to 3.5 billion dollars and comparable sales decreased 9.3 percent. Gross margin was 39.1 percent, an increase of 20 basis points, operating income dropped to 98 million dollars and net income declined to 22 million dollars or 20 cents per diluted share. The company said in a release that Kohl’...

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Kohl’s names Ashley Buchanan its next CEO

US department store chain Kohl’s has outlined its chief executive officer transition plan as its current head, Tom Kingsbury, confirms his intention to step down from January 15, 2025. Kingsbury will be succeeded by Ashley Buchanan, but will stay on in an advisory role and retain his position on the board of directors through to his retirement...

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Abercrombie & Fitch, Kohl's Q2 results top estimates

U.S. retailers Abercrombie & Fitch Co. (ANF) and Kohl's Corp. (KSS) reported on Wednesday results for the second quarter that topped analysts' estimates, with Abercrombie & Fitch raising its outlook for the full-year 2024, while Kohl's slashed its adjusted earnings and sales growth guidance for fiscal 2024. Following the results, Abercrombie &...

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Kohl’s Q1 sales down 5.3 percent, net loss widens

First quarter net sales at Kohl’s decreased 5.3 percent to 3.2 billion dollars and comparable sales decreased 4.4 percent. The company said that regular price sales increased 2.4 percent with clearance impacting overall comp by more than 600 basis points. Commenting on the first quarter update, Tom Kingsbury, Kohl’s chief executive officer, said...

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Kohl’s reports strong earnings

Kohl’s fourth quarter net sales decreased 1.1 percent to 5.7 billion dollars and comparable sales decreased 4.3 percent; while fiscal year 2023 net sales decreased 3.4 percent to 16.6 billion dollars and comparable sales decreased 4.7 percent. However, the company reported fourth quarter net income was 186 million dollars or 1.67 dollars per...

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Hollywood, Skims and accountability: Top 11 US stories for 2023

There is no denying that 2023 has been a turbulent year for the US fashion market, as declining consumer confidence continued to take hold of the region and impact wider sales. No matter, while some large-scale conglomerates attempted to build up their defences through turnaround strategies, there were some positives for the industry, namely in...

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Kohl’s appoints former Bath & Body Works CFO to board

US department store chain Kohl’s has announced the appointment of Wendy Arlin to its board of directors, as part of the company’s ongoing board refreshment process that aims to bring in “relevant, experienced leaders”. Arlin most recently served as chief financial officer for Bath & Body Works, building on three decades of experience in the...

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Kohl’s Q3 comparable sales down, narrows sales forecast

Kohl’s third quarter net sales decreased 5.2 percent, to 3.8 billion dollars, with comparable sales down 5.5 percent. Net sales for the nine months decreased 4.5 percent to 10.9 billion dollars, with comparable sales down 5 percent. Commenting on the third quarter results, Tom Kingsbury, Kohl’s chief executive officer, said: “Kohl’s third...

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Kohl’s COO and president makes sudden departure

The chief operating officer and president of Kohl’s Corp has made a sudden exit from the company months after taking on the role. Dave Alves was appointed to the top position early 2023, however a Securities and Exchange Commission filing by Kohl’s stated that his last day was already on Friday (November 17). The cause of Alves’ exit was not...