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Kohl's third quartering earnings reveal revenue decline amid CEO's departure
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Following the release of Kohl's third-quarter earnings, the retailer withdrew its 2022 sales and profit forecasts on Thursday, citing the volatility of the economy and a CEO transition.
Compared to the prior year, the company's third-quarter revenue dropped by 7% to $4.28 billion, while net income declined by 60% for the year to $97 million or 82 cents per share.
During premarket trading, Kohl's stock fell by 5%. Amid record inflation and growing costs of living, Americans have cut back on shopping, making it difficult for Kohl's to clear out excess inventory despite prolonged item discounts.
Going forward, the company told investors that it does not plan to repurchase more shares until revenue increases, according to Reuters.
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