As shoppers head to Kohl’s (NYSE:KSS) stores this holiday season, they will see gift ideas, Christmas ornaments and a potential glimpse of the retailer’s future.
It marks the first peak shopping season overseen by Kohl’s new CEO, Tom Kingsbury. The retail veteran, who previously led off-price chain Burlington Stores, officially stepped into the role early this year after serving on an interim basis. He succeeded Michelle Gass, who departed to become CEO-elect of Levi Strauss (NYSE:LEVI).
Kohl’s kicked off the latest effort to refresh its brand as it navigates a confusing economic backdrop, and after it faced scrutiny from activist investors and failed to secure a deal to sell to the Franchise Group, owner of
The Vitamin Shoppe (NYSE:VSI). Its sales and stock price have lagged.
As it tries to turn around its fortunes, Kohl’s has focused on sharpening the look of its stores and the brands and merchandise it carries, Kingsbury said. By leaning into popular brands and categories, he said the company could return to sales growth in 2024.
“Home decor, pet, gifting, impulse, all the things that we’ve been talking about will really help us get there,” he told investors on an August earnings call.
Net sales for Kohl’s most recent full fiscal year, which ended in January, totaled $17.2 billion — a nearly 9% drop from the fiscal year that ended in early 2020, shortly before the COVID pandemic shook up spending patterns.
KSS shares picked up one cent at the opening bell to $20.90.
