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Why is Kohls Corp (KSS) Stock down?
Shares of Kohl's Corp. (KSS) dropped by 5.62% from $28.84 to $27.20 in the trading on Wednesday, December 20, 2023. The reason why KSS down today is due to the announcement of Wendy C. Arlin's appointment as an independent director to the company's Board of Directors. Ms. Arlin, a retail industry veteran with extensive financial expertise, most recently served as CFO for Bath & Body Works, Inc. This appointment is part of Kohl's ongoing Board refreshment process, aimed at bringing in experienced leaders. While the appointment was positive news, it may have prompted investor reactions, contributing to the stock's decline on that day.
Kohl's Corp. Stock (KSS) dropped by 8.57% from $24.86 to $22.73 in the trading on Tuesday November 21, 2023. The reasons why KSS stock down today include:
- Mixed third-quarter results: Kohl's third-quarter net sales fell 5.2% Y/Y to $3.84 billion, below consensus estimates for $3.91 billion. Revenue was hurt by a 5.5% comparable-store sales decline. Quarterly net income dropped to $59 million, or $0.53 per share. That's down from $0.82 per share in last year's third quarter, but beating the $0.37 per share Wall Street was expecting.
- Lower full-year revenue outlook: Kohl's lowered its 2023 net sales to decrease in the range of 2.8% to 4% from 2022 (narrowed from its previous guidance for a decrease of 2% to 4%). Kohl's also increased the bottom end of its full-year earnings outlook calling for a per-share range of $2.30 to $2.70, up from $2.10 to $2.70 before. Most analysts came into this report modeling 2023 earnings of $2.41 per share on a narrower 2.5% revenue decline.
- Departure of COO: The company disclosed the departure of its President and Chief Operating Officer, Dave Alves without revealing the reason of the departure or his successor.
Kohl's Corporation Stock (KSS) dropped by 7.76% from $20.23 to $18.66 in the trading on Thursday October 5, 2023. The reasons why stock KSS down today includes:
- Deloitte's forecast: A holiday retail forecast from Deloitte estimated holiday sales growth between 3.5% and 4.6%, representing slower growth from last year.
- Price target lower: TD Cowen lowered the firm’s price target on Kohl’s to $28 from $33 and keeps an Outperform rating on the shares.
Kohl's Corporation (KSS) stocks declined 10.35% to $25.73 on Tuesday during the retail selloff. Kohl’s will release its earnings data before the market opens on Wednesday, August 23rd. Analysts expect Kohl’s to post earnings of $0.22 per share for the quarter.
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