Kohl's Reports Surprise Profit and Raised Outlook, Michael Bender Named Permanent CEO Amid Turnaround Momentum

Menomonee Falls, WI – Kohl's Corporation announced a significant boost to its financial outlook and reported a surprise quarterly profit, signaling that its ongoing turnaround strategy is gaining traction. The positive earnings report, released on Tuesday, November 25, 2025, followed closely on the heels of Michael J. Bender's appointment as the company's permanent Chief Executive Officer. Kohl's shares surged by as much as 42% on the news, reflecting renewed investor confidence.

The retailer posted an adjusted profit of $0.10 per share for the third quarter, significantly surpassing analyst expectations of a $0.18 loss per share. This marks the third consecutive quarter of performance exceeding expectations. Net sales for the quarter decreased by 2.8% to $3.4 billion, with comparable sales down 1.7%, an improvement over previous projections.

Kohl's also raised its full-year 2025 financial outlook, now expecting adjusted diluted earnings per share to be between $1.25 and $1.45, an increase from its prior range of $0.50 to $0.80. The company anticipates full-year net sales to decline between 3.5% and 4%, a narrower decrease than the previously estimated 5% to 6%. "We are pleased with Kohl’s third quarter results, marking a third consecutive quarter of delivering top-line and bottom-line performance ahead of our expectations," said CEO Michael J. Bender.

Michael J. Bender officially assumed the role of permanent CEO on November 23, 2025, after serving as interim CEO since May 1, 2025. His appointment followed the dismissal of former CEO Ashley Buchanan due to undisclosed conflicts of interest. Bender, who has been a member of Kohl's Board since 2019 and previously held leadership roles at Walmart and Victoria's Secret, brings extensive retail experience to the position.

The company's turnaround initiatives, which Bender has been instrumental in implementing, focus on several key areas. These include rebuilding proprietary brands like Sonoma and Lauren Conrad, simplifying promotional strategies, enhancing the omnichannel shopping experience, and expanding its successful Sephora partnership to over 1,100 in-store shops. Kohl's is also reintroducing fine jewelry and petite sizes to cater to its core customer base.

Board Chair John Schlifske praised Bender's leadership, stating, "Over the past several months as interim CEO, Michael has proven to be an exceptional leader for Kohl's – progressively improving results, driving short and long-term strategy, and positively impacting cultural change." Bender himself emphasized a commitment to accelerating the transformation, stating, "My focus is on rebuilding our leadership position by putting customers at the center of everything we do." The retailer aims to attract value-focused shoppers through a curated assortment and competitive pricing, particularly ahead of the crucial holiday shopping season.