On Tuesday, Kohl’s (NYSE:KSS) shares were trading about 10 per cent higher in pre-market after the company presented its preliminary third-quarter earnings.

The company saw its sales drop by 6.9 per cent for the three months to October 29. Net sales fell by 7.2 per cent compared to the prior year. The operating margin was 4.7 per cent, while the diluted earnings per share should come at USD 0.82.

The implied third quarter net sales would be USD 4.27 billion, given that Kohl’s reported sales of USD 4.6B for the same period last year. The current market consensus sees EPS (Earnings per share) of USD 0.62 on sales of USD 4.07B. The retailer plans to release its full third-quarter 2022 financial results on Thursday, November 17.

In a separate statement, Kohl’s announced that its CEO Michelle Gass is to step down as CEO and member of the Kohl’s Board of Directors starting from December 2, 2022. Tom Kingsbury is likely to serve as interim CEO until a permanent successor is named.

Based on yesterday’s close, Kohl’s shares were down about 45 per cent year-to-end.