Latest news with #AshleyBuchanan
Bloomberg
6 days ago
- Business
- Bloomberg
Stock Movers: Nvidia, HP, Salesforce
On this episode of Stock Movers: - Nvidia (NVDA) shares are higher this morning after a positive earnings report showing it expects revenue of about $45 billion in the second fiscal quarter, despite new export restrictions costing about $8 billion in Chinese revenue. Nvidia is ramping up production of its latest semiconductor design, Blackwell, and is offering its chips as part of whole computer systems to speed up AI deployment. - Salesforce (CRM) is lower this morning despite raising its annual forecast. It's acquiring Informatica for about $8 billion to help customers implement AI tools sooner, and its fiscal first-quarter revenue increased 8% to $9.8 billion, exceeding Wall Street estimates. However, it's uncertain how it will integrate the company into - HP (HPQ) is down this morning after its profit outlook fell short of estimates and it cut its annual earnings forecast due to a weaker economy and continuing costs from US tariffs on goods from China. - Kohl's Corp. (KSS) shares are higher in the premarket as it reaffirmed its full-year outlook and reported revenue of $3 billion for the quarter, roughly in line with analysts' expectations. Kohl's is looking for a new leader after the ousting of its former CEO, Ashley Buchanan, and is currently being led by interim CEO Michael Bender.
Reuters
28-05-2025
- Business
- Reuters
Kohl's annual forecasts in spotlight after leadership turmoil, tariff uncertainty
May 28 (Reuters) - Kohl's (KSS.N), opens new tab could scrap its annual forecasts on Thursday when the U.S. department store chain reports quarterly earnings, analysts said, as the abrupt ouster of its top boss adds to its challenges against the backdrop of pressure from tariffs. CEO Ashley Buchanan, hired in January and tasked with reviving an extended slump in sales, was fired earlier this month for steering business to a vendor with whom he had a personal relationship. "Kohl's is very likely to pull its annual forecast altogether when it reports results on Thursday," said Jane Hali, CEO of investment research firm Jane Hali & Associates. Buchanan's exit comes at a difficult period as Kohl's also faces the industry-wide impact of U.S. President Donald Trump's sweeping levies. Larger rival Macy's (M.N), opens new tab and several companies have trimmed their expectations for this year, while others have pulled their forecast altogether, citing increased uncertainty from the U.S. trade policy and consumer spending habits. Investors will look for interim CEO and company veteran Michael Bender's plans to stabilize sales and profit margins. "The prior CEO, who had only been at Kohl's for about four months, had yet to implement a medium-term strategy, and his departure could delay efforts to stabilize market share losses in its core apparel business," Fitch analyst David Silverman said. The truce in the trade war between Washington and Beijing helped to lift consumer confidence in May after deteriorating for five straight months. Consumers, however, continued to worry about tariffs raising prices and hurting the economy. "There's little that Kohl's can do to avoid tariffs since practically everything it sells is imported and it is a U.S.-only business," said Morningstar analyst David Swartz. Kohl's in May forecast first-quarter comparable sales to decline between 4% and 4.3% and a loss per share in the range of 20 cents to 24 cents. Analysts on average expect a 5% drop in same-store sales and a loss of 26 cents per share, according to data compiled by LSEG.
Yahoo
26-05-2025
- Business
- Yahoo
Nvidia, Salesforce, Kohl's: Earnings to Watch This Week
Asking for a Trend's Josh Lipton takes a look ahead to this week's biggest earnings releases, including chipmaker Nvidia (NVDA), Salesforce (CRM), sports retailer Dick's Sporting Goods (DKS), and Kohl's (KSS) To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. Well, here's what to watch in earnings next week outside of Nvidia earnings on Wednesday. We're going to be getting some big name reports, including Salesforce, Dick's Sporting Goods, and Kohl's. Starting off on Salesforce, the company announcing results for the first quarter after the markets close on Wednesday. And it's expecting no major signs of slowdown despite that tougher macroeconomic environment. AI also in focus for investors as agent force and data cloud gain traction. Investors looking for any insight into when the company will start to see significant revenue from those AI developments. And looking at Dick's Sporting Goods, the retail announcing results for the first quarter on Wednesday before the markets open. Investors will be listening for any commentary about the company's deal to buy Foot Locker during the earnings call, and also see a strong start to the year with Dicks with same store sales rising more than expected. And finally, Kohl's reporting first quarter earnings on Thursday morning. Leadership drama is front and center for Kohl's with the company's firing CEO Ashley Buchanan earlier this month.
Bloomberg
23-05-2025
- Business
- Bloomberg
This Kohl's Board Member 'Noisily Withdrew.' That's Good.
The alarm bells are ringing for investors in Kohl's Corp. Earlier this month the retailer named its fourth CEO in less than three years, after the board fired chief executive Ashley Buchanan for directing business to an undisclosed romantic partner. Beyond the mess in the C-suite, the stock is down about 45% year-to-date as the company struggles to turn around declining sales in a sector that is an overall disaster. But the most glaring sign that something's amiss is the resignation of Kohl's board member Christine M. Day, a longtime retail executive who spent 20 years at Starbucks Corp. and was once the CEO of Lululemon. It's not the fact that she quit that should spark concerns, but how she went about it.
The Independent
21-05-2025
- Business
- The Independent
Married Kohl's CEO affair with a Walmart exec was retail's dirty little secret. When it was exposed, it upended retail
Kohl's CEO Ashley Buchanan's affair with former Walmart executive Chandra Holt was retail's dirty little secret – until he was fired for bolstering her business. Buchanan, 51, was fired by Kohl's earlier this month after an investigation revealed he had brokered a deal for the department store to sell products from 45-year-old Holt's coffee startup, Incredibrew, an explosive report in The Wall Street Journal detailed. The terms of the deal, which were 'unusual' and favorable to Incredibrew, raised red flags for some employees. Buchanan was ultimately fired for breaking the retailer's ethics code by failing to disclose his relationship with Holt. While there was gossip among employees about a potential romance between Buchanan and Holt dating back years, Kohl's Chairman Michael Bender, who had worked with the pair at Walmart a decade ago, was left out of the loop. During a meeting, Bender demanded to know if he was dating Holt, to which Buchanan replied 'yes,' according to the report. The relationship, an open secret for years as the pair worked at Walmart and later craft store Michaels, culminated in the pair each filing for divorce from their respective spouses in 2020. Soon after, they moved into a $3 million stone house at the Vaquero Club, a wealthy Dallas suburb teeming with mansions, where they would be seen playing tennis together. Court records also showed that an extramarital affair between Holt and Buchanan had a role in her divorce, according to the report. Two bosses of major retailers Both Buchanan and Holt had been in charge of major retailers over the years, with her leading Bed Bath & Beyond and another smaller Texas company. She had also started Incredibrew and was marketing it to both Kohl's and Michaels while Buchanan was running them. The pair mostly kept quiet about their relationship, according to people who worked with them and court documents. When Michaels tried to recruit Holt for a senior role soon after Buchanan became CEO in 2020, he didn't disclose their relationship, one person familiar with the matter told the WSJ. Holt declined to take the job. Buchanan also failed to disclose his relationship with Holt to some merchants, who decide what products the store sells customers, when Michaels decided to add Incredibrew to its stores, according to the report. When he was fired by Kohl's, Buchanan claimed he just made introductions for merchants but never required them to buy any specific products, one person who spoke with him said. Legal repercussions Kohl's announced Buchanan's firing on May 1, saying an investigation by outside lawyers found he had violated the company's ethics code and helped arrange a deal to sell Holt's coffee products. Buchanan had dictated the payment terms and the order was for hundreds of Kohl's stores, according to the report. Kohl's also noted the deal's terms were 'unusual' and favorable to the vendor, according to the report. The investigation also uncovered that Buchanan had caused Kohl's to enter a multimillion-dollar consulting agreement with Boston Consulting Group, where Holt served as an advisor at the time. When interviewed for the investigation, Holt said she'd known Buchanan for 10 years and they weren't romantically involved when Michaels was trying to hire her. She also said her new business, Incredibrew, hadn't been compensated by Kohl's. Boston Consulting Group later terminated Holt's contract as a result of the non-disclosure.
