Dive Brief:
- Kohl’s appointed Fred Hand to senior executive vice president and director of stores, the retailer announced Tuesday. Hand was most recently the CEO of Tuesday Morning.
- As part of his new role, Hand will report to president and COO Dave Alves and assist the company in driving store sales and productivity. He will oversee the retailer’s more than 1,100 locations, including store operations and experience, loss prevention and design.
- Hand has over 30 years of leadership and executive experience at major retailers. Prior to his time as chief executive of Tuesday Morning he was the chief operating officer at Burlington, where he led the retailer’s Stores organization for over 13 years. He held senior leadership positions in stores and visual merchandising at Macy’s and Filene’s.
Dive Insight:
Hand’s appointment comes at a critical time for Kohl’s.
In its latest earnings report, Kohl’s reported a 4.8% dip in net sales compared to the year prior, with comparable sales down 5%. Its net income dropped nearly 60% to $58 million in its second quarter, but tight cost control helped keep the department store in the black.
In the spring the retailer reported a 3.3% year-over-year decline in net sales in Q1, with comps down 4.3%. Despite the slowdown, the retailer said it opened two more locations during that quarter and planned to open five more this year. CEO Tom Kingsbury told analysts at the time that all stores were profitable.
“Fred has a deep appreciation and passion for the power that brick-and-mortar retail plays in an omnichannel business model,” COO Alves said in a statement. “He is committed to serving customers by empowering stores and associates and we are excited to welcome him to the Kohl’s team.”
Hand has made his way to Kohl’s following the closure of Tuesday Morning. After entering Chapter 11 bankruptcy proceedings in February, the off-price home decor chain went out of business in a court-approved bankruptcy sale to Hilco Merchant Resources for $32 million in late April.
In the announcement of his Kohl’s appointment, Hand noted that he “deeply admired” the retailer and looked forward to being part of “this well-loved brand.”
