Kohl's (KSS) Shares Plunge 21% Following Disappointing Q3 Results

Nov 26, 2024

Kohl's (KSS, Financial) experienced a significant drop in its stock price, falling 21.4% to $14.41. The decline came after the company released its third-quarter financial results, which showed an 8.6% decrease in sales to $3.51 billion. This figure fell short of analysts' expectations of $3.64 billion.

The company's earnings per share also disappointed, coming in at $0.20, down from $0.53 in the same period last year and below the anticipated $0.28. In response to these results, Kohl's has lowered its annual sales forecast for the third time this year. The company now expects a 7% to 8% decline in net sales for the year, compared to the previous estimate of a 4% to 6% decrease.

In leadership news, Kohl's announced that Ashley Buchanan, a former Walmart executive, will take over as CEO on January 15, replacing Tom Kingsbury. This change marks the third CEO appointment for the company in three years.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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