More bad news from Kohls Corporation.
During the company’s third quarter earnings call this morning, Kohl’s leadership announced a 7% drop in sales for the past three months. Year over year sales were down 7.2%.
In a press release published following the call, the company blamed current economic conditions as well as the departure of CEO Michelle Gass as reasons for the dip. The company added that it is forgoing providing guidance for the fourth quarter and made the decision to withdraw its prior full year 2022 guidance.
Gass, on November 8th, announced that she will step down from her current role next month before taking a leadership role with Levi Strauss. Kohls Board of Directors named Tom Kingsbury as interim CEO starting December 2nd while they look for a successor to Gass.
Overall, profits dropped by roughly 60% for the quarter down to $97 million.