Sales: Net sales in the quarter declined 7.2% to $4.277 billion.

CEO Comments: “The Kohl’s Board is focused on supporting the management team during this CEO transition period, as well as the Board’s search committee in its pursuit of finding the next CEO to lead Kohl’s,” Peter Boneparth, Kohl’s Independent Board Chair. “We look forward to partnering with Interim CEO Tom Kingsbury and the entire leadership team to execute at the highest level this holiday season, while also capitalizing on opportunities to strengthen the business.”

Outlook: Given the recent volatility in business trends, the significant macroeconomic headwinds, along with the unexpected CEO transition, the company will not be providing guidance for the fourth quarter, and therefore is withdrawing its prior full year 2022 guidance.

Nov. 17, 2022: Macy’s, Inc. (M)

Earnings: Net income in the third quarter of 2022 of $108 million, down from $239 million the same time last year.

Sales: Net sales in the quarter of $5.2 billion, down 3.9% versus the same time last year.

CEO Comments: “Our Polaris strategy is working. In the third quarter, we achieved solid top line results and a strong beat to our bottom line guidance. Macy’s brand position as a style and fashion source resonated with our customers, while luxury continued to outperform at Bloomingdale’s and Bluemercury,” said Jeff Gennette, chairman and CEO of Macy’s, Inc. “We know the consumer is under increasing pressure and has choices on where to spend.”

Outlook: The company is reaffirming its annual 2022 sales guidance and raising its earnings guidance. Net sales for the year are expected to be between $24.340 billion to $24.580 billion.

Nov. 16, 2022: On Holding AG (ONON)

Earnings: Net income in the third quarter increased to CHF 20.6 million ($21.9 million, based on current exchange rate) from CHF 13.0 million ($13.8 million).

Sales: Net sales in the third quarter of CHF 328 million ($348 million), up 50.4% from the same time last year.

CEO Comments: “The momentum of the On brand shows no signs of slowing,” said David Allemann, co-founder and executive co-chairman. “This quarter has seen On reach more new fans than ever before with our mix of innovative performance footwear and apparel, powerful marketing campaigns and immersive shopping experiences.”

Outlook: For the year, On is again increasing its net sales outlook by CHF 25 million, to CHF 1.125 billion, representing a year-over-year growth of approximately 55% compared to 2021.

Nov. 16, 2022: Shoe Carnival, Inc. (SCVL)

Earnings: Net income in the third quarter of 2022 was $32.7 million, down from $46.8 million in the same time last year.

Sales: Net sales were $341.7 million in the third quarter of 2022, down from $356.3 million in the same period last year.

CEO Comments: “Despite the challenging inflationary environment our customers face, Q3 sales results were the second highest quarterly result in the company’s history and year-to-date EPS more than doubled any full year of earnings in our 44 years of operation except for government stimulus influenced 2021,” said president and CEO Mark Worden.

Outlook: Net sales for the full year are expected to be between $1.27 billion and $1.30 billion, up 23% to 25% compared to 2019.

Nov. 16, 2022: Target Corporation (TGT)

Earnings: Net earnings in the third quarter were $712 million, down 52.1% from $1.5 billion in the same period last year.

Sales: Net sales in the period were $26.1 billion, up 3.3% from $25.3 billion in the same period last year.

CEO Comments: “In the third quarter, our business delivered comparable sales growth of 2.7 percent, and we saw unit share gains across all of our core merchandise categories.  This performance demonstrates the durability of our business model which continues to serve our guests and drive loyalty despite the challenging economic environment,” said Brian Cornell, chairman and CEO.

Outlook: The company believes it is prudent to plan for a wide range of sales outcomes in the fourth quarter, centered around a low-single digit decline in comparable sales, consistent with those recent trends.

Nov. 16, 2022: The TJX Companies, Inc. (TJX)

Earnings: Net income for the third quarter of 2023 was $1.1 billion and diluted earnings per share were $0.91.

Sales: Net sales for the third quarter of 2023 were $12.2 billion, a decrease of 3% from $12.5 billion versus the third quarter of 2022.

CEO Comments: “I am very pleased with our third quarter performance. U.S. comparable store sales exceeded our expectations, and overall pretax margin, merchandise margin, and earnings per share were strong,” president and CEO Ernie Herrman said in a statement. “I am particularly pleased with the results at our Marmaxx division, which delivered a 3% comp sales increase, driven by a strong increase in its apparel business. Across our geographies, our values and exciting, treasure-hunt shopping experience continued to resonate with consumers throughout the quarter.”

Outlook: For the full year fiscal 2023, the company now expects diluted earnings per share to be $2.93 to $2.97 and adjusted diluted earnings per share to be $3.07 to $3.11.

Nov. 15, 2022: Walmart Inc. (WMT)

Earnings: The company posted a net loss of $1.8 billion in Q3, or 66 cents per share, down from a profit of $3.11 billion, or $1.11 per share, a year earlier.

Sales: Total revenue in Q3 of $152.8 billion, up 8.7% from the same time last year.

CEO Comments: “We had a good quarter with strong top-line growth globally led by Walmart and Sam’s Club U.S., along with Flipkart and Walmex,” Walmart president and CEO Doug McMillion said in a statement. “Walmart U.S. continued to gain market share in grocery, helped by unit growth in our food business. We significantly improved our inventory position in Q3, and we’ll continue to make progress as we end the year.”

Outlook: The company has raised its full year guidance following its Q3 performance. It now expects consolidated net sales growth of about 5.5%.