Kohl's says two top executives are leaving, as company seeks buyer
Vehicles sit parked in front of a Kohl's department store in Ashland, Ky.Kohl's said Wednesday that it is losing two of its top executives, as the retailer searches for a potential buyer amid pressure from activists to sell the business. Doug Howe, Kohl's chief merchandising officer, is departing immediately, the retailer said in a securities filing. Greg Revelle, chief marketing officer, is expected to depart June 1. The filing comes the night before Kohl's is set to report its fiscal first-quarter earnings ahead of the market open on Thursday. Kohl's shares fell around 3% in extended trading, having closed the day down 11%.cnbc.com
Recall alert: Kohl’s recalls antigravity chairs over fears of collapse
Kohl's recall: Kohl's is recalling antigravity chairs over fears that they could break or collapse. ( U.S. Consumer Product Safety Commission)Kohl’s has recalled approximately 31,000 antigravity chairs over fears that the furniture can break or collapse when people sit on them. >> Read more trending newsAccording to a news release from the U.S. Consumer Product Safety Commission on Wednesday, the Sonoma Goods For Life Ultimate Oversized Antigravity Chairs were sold online between January 2019 and June 2021 for about $240. Kohl’s said it received 18 complaints from consumers about the chairs breaking, with two people claiming to receive minor injuries. The chairs were sold in several colors and have an aluminum frame, according to the CPSC.wftv.com
Kohl's shares fall despite earnings beat, raised full-year guidance
People shop at Kohl's department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California. Shares of Kohl's fell more than 3% in premarket trading Thursday despite reporting second-quarter earnings that beat analyst expectations and raising its forecast for the year. The results topped the $1.21 per share expected by analysts surveyed by Refinitiv. Revenue rose 31% to $4.45 billion, outpacing estimates of $4.02 billion. Shares of Kohl's are up more than 27% year to date as of Wednesday's market close, putting the retailer's market value at $8.1 billion.cnbc.com
Kohl’s will close stores on Thanksgiving Day
Kohl's close Kohl's announced that it would close on Thanksgiving Day for the second consecutive year. ( Francis Dean/Corbis via Getty Images)For the second consecutive year, Kohl’s will be closed on Thanksgiving Day. Kohl’s is joining retailers like Best Buy, Walmart and Target, who are also closing on Thanksgiving Day. >> Walmart closed Thanksgiving for employee ‘thank you’Best Buy announced it was following suit four days later. While the stores will be closed, Kohl’s said in its statement that shoppers can still shop on the store’s website and on Kohl’s app.wftv.com
Activist investor group says Kohl's earnings show 'best of worst' in retail, urges change
A group of activists looking to seize control of Kohl's board published a letter Friday saying the retailer's latest quarterly financial results were lackluster and further demonstrate the need for an overhauled strategy. "The board seems to be content performing just slightly better than the worst companies in retail," the group said in the letter to Kohl's shareholders. "'Best of the worst' is not a viable strategy, nor does it satisfy shareholders like us seeking long-term superior performance." The group of investors — Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital — owns a 9.5% stake in Kohl's. The activists said Friday, however, that they remain skeptical that Kohl's Amazon returns program adds to earnings.cnbc.com
Kohl's says it has no plans to sell more real estate and lease it back. Here's why
The activists have also proposed a slate of directors for Kohl's board, which has been rejected by the big-box retailer. The investors want Kohl's to pursue a sale-leaseback program, saying it could bring in more than $3 billion. Kohl's said Tuesday that it isn't planning to sell any of its real estate to then lease back, despite a group of activists pressuring the company to take this route to come up with cash. Big-box retailers Big Lots and Bed Bath & Beyond both completed sale-leaseback deals last year, bringing them both hundreds of millions of dollars, with an affiliate of the private-equity real estate firm Oak Street Real Estate Capital buying up some of their assets. Macellum Chief Executive Jonathan Duskin, who is one of the activists targeting Kohl's, told CNBC in an interview late last month that Oak Street would be a likely suitor for Kohl's real estate, too.cnbc.com
Kohl's shares rise after retailer posts better-than-expected earnings, sees sales growth in 2021
Kohl's on Tuesday reported fourth-quarter earnings and sales that topped analysts' estimates, and pointed to stronger growth in 2021. Sales fell to $5.88 billion from $6.54 billion a year earlier, topping the $5.86 billion forecast by analysts. Online sales jumped 22% from a year earlier and accounted for 42% of its total sales. On Tuesday, Kohl's said it would spend between $200 million to $300 million on share repurchases this year. The retailer has a market cap of $8.99 billion, which has grown to be bigger than Nordstrom's and Macy's.cnbc.com
Stores drop MyPillow after CEO pushes election conspiracies
(AP Photo/Alex Brandon, File)NEW YORK – The founder and CEO of MyPillow, who amplified President Donald Trump's claims of election fraud, said a backlash against his company has begun after a mob stormed the U.S. Capitol this month. Lindell has continued to push bogus claims of election fraud since Trump’s loss to President-elect Joe Biden in the presidential race. That has led people to flock to social media and put pressure on stores carrying MyPillow to drop the brand. “I stand for what’s right,” said Lindell, who created the MyPillow in 2004 and built the business in Chaska, Minnesota, southwest of Minneapolis. “I’m standing firm.”Aside from the retail pressure, Lindell is also facing potential litigation from Dominion Voting Systems for his accusations that their voting machines played a role in election fraud.
Kohls requiring shoppers to wear face coverings
As many big box stores reopen and enhance cleaning and safety procedures, some stores are starting to require patrons to wear a mask while shopping. Kohls said starting July 20, it will require all customers to wear a face-covering when shopping in their stores. Find out if your favorite store is open and learn more here: https://t.co/yKv4erCCY8 #Kohls pic.twitter.com/F0paQSMwlJ Kohl's (@Kohls) July 2, 2020Kohls joins a growing list of stores that are requiring face masks to shop. Walmart, Sams Club and Kroger have also made the decision to require a face covering before entering the store. To best serve our communities and protect the health and safety of our shoppers and associates, face coverings will be required in all stores beginning Monday, July 20.
US GDP fell at 5.0% rate in Q1; worse is likely on the way
An empty parking lot is seen at a temporarily closed Kohl's department store, Wednesday, April 29, 2020, in Havertown, Pa. Devastated by the coronavirus, the U.S. economy is sinking. (AP Photo/Matt Slocum)WASHINGTON The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. That was the sharpest quarterly decline since an 8.4% fall in the fourth quarter of 2008 during the depths of the financial crisis. The first quarter decline reflected just two weeks of the shutdowns that began in many parts of the country in mid-March. Economists are forecasting a much bigger GDP drop of around 30% for the current April-June period.