Kohl's down after forecasting bigger drop in annual sales
Updates
** Departmentstore chain Kohl's KSS.N shares fall 2.5% to $17.88 before the bell
** Company cut its annual sales forecast for the third time this year
** Expects full-year net sales to decrease in the range of 7% to 8%, compared to its prior forecast of a drop between 4% and 6%
** On Monday, Kohl's said CEO Tom Kingsbury will step down after less than two years at the helm
** Said formerWalmart WMT.N executive Ashley Buchanan will becomeCEO, as the retailer looks for aturnaround
** Buchanan, who also sits on the board of Macy's M.N, will be Kohl's third CEO since mid-2018
** The sudden CEO departure is likely to amplify investor concerns regarding the key holiday shopping season
** Until Monday's close, stockhad fallen ~36% YTD
Reporting by Ananya Mariam Rajesh in Bengaluru
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