US retailer Kohl’s Corporation saw sales and earnings decline in the third quarter of fiscal 2022/23. The company also cashed in on its annual forecasts on Thursday. In addition to volatile framework conditions, Kohl’s also cited the upcoming vacancy at the top of the group as a reason.
For the most recent quarter, which ended Oct. 29, the retailer’s sales were $4.28 billion, down 7.0 percent from the same period last year. Net profit even fell by 60 percent to 97 million US dollars (94 million euros), but exceeded market expectations.
However, the management no longer dares to give an outlook on the annual results: “In view of the current volatility of the economic trends, the considerable macroeconomic headwinds and the unexpected change of CEO, the company will not be making a forecast for the fourth quarter and is therefore also using the previous one forecast for the entire 2022/23 financial year,” it said in a statement.
CEO Michelle Glass announced in early November that he would be leaving the company on December 2nd. In the meantime it has been announced that she will change to the head of the clothing retailer Levy Strauss & Co. Kohl’s then appointed board member Tom Kingsbury interim CEO and formed a committee to find Glass’s successor.