Department store chain Kohl’s Corp. (NYSE: KSS) on Thursday reported a decline in third-quarter adjusted earnings and revenues. However, the results exceeded expectations.
Third-quarter earnings, adjusted for special items, dropped to $0.82 per share from $1.65 per share in the same period of last year. But the latest number came in above the market’s projection. Unadjusted net income was $97 million or $0.82 per share, compared to $243 million or $1.65 per share in the third quarter of 2021.
The weak bottom-line performance reflects a 7% year-over-year decrease in revenues to $4.28 billion. But it is above the market’s expectations. Third-quarter comparable sales dropped 6.9% and net sales decreased by 7.2%.
Check this space to read management/analysts’ comments on Kohl’s Q3 results
Meanwhile, the company’s board of directors 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.