Kohl's CEO admits to strategic missteps as sales drop and plans to reverse key decisions

Kohl's CEO Tom Kingsbury acknowledged mistakes in strategy that led to a 9.3% drop in quarterly sales. He admitted that reducing fine jewelry and petite clothing offerings was a "shortsighted" decision and announced plans to reverse these changes. Kingsbury will step down in January, with Ashley Buchanan, a former Walmart executive, taking over. Kingsbury will remain in an advisory role until May. Kohl's shares have fallen 52% over the past two years, with sales declining for 11 consecutive quarters. The retail sector is facing challenges, with many department stores closing locations due to changing consumer habits and increased competition from e-commerce. Kohl's performance has lagged behind competitors like Macy's and Nordstrom.