Wednesday, department stores operator Kohl's Corp. (KSS) said its Board of Directors named Chief Executive Officer Kevin Mansell as chairman of the board, effective September 1, succeeding Larry Montgomery, who will retire from the post on the same date. Mansell, 57, who has been with the company for the past 27 years, would also continue in his current roles of president and chief executive officer. The appointment is part of Kohl's ongoing executive succession planning process.
Meanwhile, Montgomery will continue with the company and serve on the Board of Directors until January 30, 2010, and has agreed to provide assistance for smooth transition following retirement.
The Menomonee Falls, Wisconsin-based company, which is a family-focused, value-oriented specialty department store, now said it will remain focused on its four strategic initiatives, such as merchandising, marketing, inventory management and the in-store experience, reflecting the company's effort to grow and capture market share while continuing to differentiate Kohl's in the marketplace. Kohl's currently operates 1,022 stores in 49 states.
Commenting on the appointment, Montgomery said, "Kevin is a proven executive as he assumes the role of chairman. His strategic vision and continued demonstrated ability to successfully lead, especially in today's increasingly challenging and competitive marketplace, positions Kohl's for long term success. Kevin, in hand with our seasoned leadership team and associate base of over 120,000 strong, will lead Kohl's into the next decade as an even stronger, more powerful company with incredible growth opportunity."
Mansell, who was named Chief Executive Officer of the company on August 21 last year succeeding then CEO Montgomery, had joined Kohl's in 1982 as a divisional merchandise manager and was promoted to general merchandise manager in 1987. Mansell was promoted to senior executive vice president of merchandising and marketing in 1998, while the following year, he was named president.
Kohl's on August 13 reported a decline in profit for the second quarter to $229 million or $0.75 per share from $236 million or $0.77 per share in the previous year, as higher operating expenses offset net sales growth. Net sales for the quarter grew to $3.81 billion from $3.73 billion in the prior year, while comparable store sales decreased 2.3%.
Looking ahead to the third quarter, Kohl's expects earnings in the range of $0.40 to $0.44 per share. Total sales are anticipated to range between negative 1% and positive 1% and comparable store sales to range between negative 5% and negative 3%. Analysts expect the company to report earnings of $0.47 per share on revenues of $3.85 billion for the third quarter.
For the fourth quarter, the company projects earnings in the range of $0.99 to $1.06 per share, while analysts estimate earnings of $1.14 per share. Total sales are anticipated to range between negative 1% and positive 1% and comparable store sales to range between negative 5% and negative 3%.
Further, for fiscal 2009, Kohl's currently expects earnings in the range of $2.59 to $2.70 per share, while analysts are looking for earnings of $2.80 per share for the fiscal year.
KSS is trading at $53, up $0.01, on a volume of 273,089 shares.
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