Kohl's (KSS) drops after withdrawing full-year guidance

Shares of Kohl’s (NYSE: KSS) are down over 3% in pre-market Thursday trading following the company’s third-quarter report.

Kohl’s reported an adjusted EPS of $0.82 on sales of $4.05 billion. The adjusted EPS is in line with preliminary results shared last week, while revenue was reported at $4.23B. Both came in higher than expected.

“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,” said Peter Boneparth, Kohl’s Independent Board Chair.

Merchandise inventories rose by 34% year-over-year to $4.87B, much higher than the $3.49B consensus.

Kohl’s failed to provide guidance for its fourth quarter and withdraw its prior full-year 2022 outlook given “recent volatility in business trends, the significant macroeconomic headwinds, along with the unexpected CEO transition.”

By Senad Karaahmetovic

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