What: Kohl’s is in search of a new CEO to execute its plans of staying the course of its strategy of driving sales in a promotional environment and uncertain landscape.

Why it is important: Kohl’s heads into the uncertain holiday season with declining profit, while searching for a new CEO following reports of Gass’ departure to Levi Strauss & Co.

The retailer’s customer has been hit hard by inflation leading to a 60% drop in net income from USD 243 million in 2021 to USD 97 million this year. Analysts had been bracing themselves for even steeper declines and had predicted 78 cents per share, 4 cents worse than the result.

Revenue for the three months ended Oct. 29 decreased by 7% to USD 4.3 billion from USD 4.6 billion.

Kohl’s reports 60% profit decline, looks for new CEO - Source 1

Kohl’s reports 60% profit decline, looks for new CEO - Source 2