Kohl’s cuts

sales outlook

Kohl’s Corp. trimmed its full-year sales outlook, citing weakness in its apparel and footwear businesses. The stock has declined 36% so far this year through Monday’s close, compared with a 26% gain for the Russell 1000 Index. Late Monday, Kohl’s said Ashley Buchanan, 50, will replace Tom Kingsbury, 72, who came on Kohl’s board as part of an activist campaign in 2021 and was named permanent CEO in early 2023. Kingsbury sought to deepen the company’s tie-up with Sephora and Babies “R” Us to drive traffic, but the turnaround hasn’t taken hold. Comparable sales, which measure the performance of stores open at least a year, fell 9.3% in the quarter ended Nov. 2, according to a statement. 

Trump threatens

sweeping tariffs

President-elect Donald Trump is threatening to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his efforts to crack down on illegal immigration and drugs. He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China as one of his first executive orders. The tariffs, if implemented, could dramatically raise prices for American consumers on everything from gas to automobiles to agricultural products. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers.

Dick’s Sporting

raises outlook

Dick’s Sporting Goods Inc. raised its full-year sales outlook after posting strong results in the back-to-school season ahead of the holidays, spurred by high demand for sports gear. The retailer now expects net sales to reach as much as $13.3 billion this fiscal year, with comparable store sales, a key retail metric, rising between 3.6% and 4.2%. Chief Executive Officer Lauren Hobart said Dick’s had an “excellent back-to-school season” and increased market share. Comparable store sales jumped 4.2% for the quarter ended Nov. 2, much higher than the 2.5% rise analysts had predicted.

Buffett hands out

another $1.1B

Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1.1 billion of Berkshire Hathaway stock to four of his family’s foundations Monday, and he offered new details about who will be handing out the rest of his fortune after his death. Buffett has said previously that his three kids will distribute his remaining $147.4 billion fortune in the 10 years after his death, but now he has also designated successors for them because it’s possible that Buffett’s children could die before giving it all away. Buffett said he has no regrets about his decision to start giving away his fortune in 2006.

— Bulletin wire reports