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Kohl's CEO Michelle Gass To Resign; Reports Preliminary Q3 Sales, Earnings

Kohl's Corp. (KSS) announced that Michelle Gass plans to step down as CEO and member of the Board, effective December 2, 2022. The Board appointed Tom Kingsbury to serve as interim CEO from December 2, 2022. Kingsbury is currently a Director of Tractor Supply Company, BJ's Wholesale Club Holdings, Inc. and Big Lots, Inc.

For the third quarter, Kohl's currently expects: comparable sales decreased 6.9% and net sales decreased 7.2% year-over-year; operating margin of 4.7%; and earnings per share of $0.82.

Analysts polled by Thomson Reuters expect the company to report profit per share of $0.64. Analysts' estimates typically exclude special items.

Kohl's plans to release its third quarter financial results on November 17.

Shares of Kohl's are up 10% in pre-market trade on Tuesday.

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