Kohl's Stock Takes Hit as CEO Exits and Sales Slide

Kohl's shares took a big hit, dropping over 20%, after the company's sales plummeted and its CEO suddenly left. The department store, based in Wisconsin, reported that sales in existing stores fell by nearly 10% for the third quarter in a row. This is a tough blow, especially coming just before the crucial holiday shopping season. The company's annual forecast also got worse. They now expect sales to drop by 7% to 8%, which is more than previously predicted. All this happened while another retail giant, Macy's, had to delay its earnings report after a worker hid massive expenses. Investors are worried that shoppers are choosing cheaper options like Walmart over department stores. This is because people are feeling the strain of inflation and want to find the best deals. Customer visits to Kohl's dropped significantly in the third quarter. The CEO, Tom Kingsbury, will step down after only two years. The new CEO, who used to work at Walmart, will take over in January. Experts think the sudden change in leadership doesn't look good for the company.