Kohl’s Stock Surges 40% Amid Strong Earnings and Leadership Shift
Kohl's shares skyrocketed 43% to $22.42, marking their highest close since July 2024, after the retailer reported a surprise profit and better-than-expected sales. The company posted an adjusted $0.10 per share, defying analyst projections of a $0.19 loss. Revenue reached $3.58 billion, with comparable store sales declining just 1.7%—both figures surpassing Wall Street estimates.
The rally coincided with the removal of the "interim" tag from CEO Michael Bender's title, following the dismissal of former CEO Ashley Buchanan earlier this year. Buchanan had initiated a turnaround strategy focused on core product categories, but Bender's leadership appears to be resonating with investors. This marks the second time in 2024 that Kohl's stock has surged roughly 40% in a single session, though July's MOVE lacked fundamental justification and was attributed to meme-stock speculation.
