Kohl’s stock charges higher after upbeat profit outlook, CEO to step down

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Shares of Kohl’s Corp. KSS, +7.63% charged up 10.7% in premarket trading Tuesday, after the lower-priced department store chain provided an earnings outlook that was well above expectations and said Chief Executive Michelle Gass was stepping down. Gass, who assumed the CEO role in May 2018, will step down effective Dec. 2, at which time board member Tom Kingsbury will serve as interim CEO until a permanent successor is found. Separately, the company said it expects to report fiscal third-quarter earnings per share of 82 cents, which is well above the FactSet EPS consensus of 63 cents. Meanwhile, net sales are expected to decline 7.2% from a year ago, while the FactSet sales consensus of $4.08 billion implies a 6.7% decline, and same-store sales are expected to fall 6.9%, compared with the FactSet consensus for a 6.8% decline. The stock has tumbled 45.6% year to date through Monday, while the SPDR S&P Retail ETF XRT, -0.33% has shed 32.0% and the S&P 500 SPX, +0.27% has slid 20.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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