Kohl's Stock Tumbles After Weak Results, CEO Departure News

Core Insights - Kohl's stock dropped 17% in premarket trading following weaker-than-expected third-quarter earnings and a lowered full-year guidance [1][2] - CEO Tom Kingsbury announced his resignation after less than two years, with Ashley Buchanan set to take over on January 15 [2][4] Financial Performance - Kohl's reported a third-quarter net revenue of $3.51 billion, a 9% decline year-over-year, with a profit of $22 million or 20 cents per share [3] - Analysts had anticipated revenue of $3.85 billion and net income of $29.8 million or 27 cents per share [3] - The company revised its full-year net sales forecast to a decline of 7% to 8%, down from a previous estimate of 4% to 6% [3] - The 2024 earnings per share (EPS) estimate was lowered to a range of $1.20 to $1.50, down from $1.75 to $2.25 [3] Leadership Transition - Tom Kingsbury will remain in an advisory role until May 2024, assisting Ashley Buchanan, who has a background in senior positions at Walmart and its Sam's Club division [4] - The board chair highlighted that under Kingsbury's leadership, the company is undergoing a transformation aimed at improving product offerings and financial health [5]