American store chain Kohl's net sales, revenue down in Q3 FY22

The company’s gross margin was 37.3 per cent in Q3 FY22 compared to 39.9 per cent in Q3 FY21. Selling, general, and administrative expenses for the quarter was $1,334 million, down 3.3 per cent from $1,380 million in Q3 FY21, Kohl’s said in a media release.

The reported net income declined by 60 per cent from $243 million in Q3 FY21 to $97 million in Q3 of this fiscal. The same for nine months ended October 29, 2022, was $254 million.

Third quarter’s diluted earnings per share was $0.82.

Kohl’s board has formed a search committee to oversee the search for a new CEO while Tom Kingsbury has agreed to serve as interim CEO during the transition period.

“The Kohl’s board is focused on supporting the management team during this CEO transition period, as well as the board’s search committee in its pursuit of finding the next CEO to lead Kohl’s. We look forward to partnering with interim CEO Tom Kingsbury and the entire leadership team to execute at the highest level this holiday season, while also capitalising on opportunities to strengthen the business. Kohl’s is a great company with extremely bright prospects, and I am confident we will find the right candidate to successfully position Kohl’s to drive sales, grow earnings and create shareholder value. On behalf of the board, I want to thank all of our associates for their dedication and hard work,” said Peter Boneparth, Kohl’s independent board chair.

Given the recent volatility in business trends, the significant macroeconomic headwinds, along with the unexpected CEO transition, the company has not provided guidance for the fourth quarter, and has withdrawn its prior full year 2022 guidance, the release added.

Fibre2Fashion News Desk (KD)