Q3 2025 Performance - Net sales decreased by (2.8%) compared to Q3 2024[53] - Comparable sales decreased by (1.7%)[53] - Gross margin increased by 51 bps compared to Q3 2024, reaching 39.6%[53, 57] - SG&A expense decreased by (2.1%) compared to Q3 2024[53] - Adjusted operating income was $77 million[53] - Adjusted net income was $11 million, or $0.10 of adjusted earnings per diluted share[53] Balance Sheet and Leverage - Net debt + leases to adjusted EBITDAR leverage ratio is 2.6x when adjusting for actual lease periods exercised, compared to an unadjusted ratio of 4.5x[62, 64] 2025 Outlook - Net sales are expected to decline by (3.5%) to (4%) compared to 2024[81] - Comparable sales are expected to decline by (2.5%) to (3%)[81] - Adjusted operating margin is projected to be 3.1% to 3.2%[81] - Adjusted diluted EPS is expected to be $1.25 to $1.45[81]

Updated 4:09 p.m. ET Nov. 25 Kohl’s Corp.’s top- and bottom-line results for the third quarter came out ahead of expectations, motivating the company to raise its full-year guidance. More from WWD The third-quarter report and the elevated guidance catapulted Kohl’s stock price up 42 percent to $22.41 on Tuesday. The Menomonee Falls, Wis.-based, value-oriented family chain said the results reflected progress in turnaround initiatives. Private brands, petites, fashion and fine jewelry, Sephora, opening pr ...

Report Overview - The report provides a comprehensive overview of overnight futures market trends, important macro and industry news, and financial market developments as of October 31, 2025 [3] Overnight Futures Market Trends International Futures - International precious metal futures generally rose, with COMEX gold futures up 0.94% at $4038.30 per ounce and COMEX silver futures up 1.71% at $48.73 per ounce [4] - U.S. crude oil and Brent crude oil futures fell, with U.S. crude down 0.31% at $60.29 per barrel and Brent crude down 0.45% at $64.03 per barrel [5] - London base metals all declined, with LME copper down 2.27% at $10930.00 per ton, LME tin down 1.28% at $35720.00 per ton, etc. [5] - U.S. agricultural products showed mixed performance, with soybeans up 1.14%, corn down 1.04%, etc. [6] Domestic Futures - As of 23:00, domestic futures contracts mostly fell, with low-sulfur fuel oil (LU) up over 1%, and ethylene glycol (EG), methanol, etc. down over 1% [8] Important News Macroeconomic News - China and the U.S. will suspend relevant export control measures for one year, and the U.S. will also suspend 301 investigation measures on China's maritime, logistics, and shipbuilding industries [10] - A total of 500 billion yuan in new policy-based financial instruments have been fully invested, expected to drive project investment of over 7 trillion yuan [10] - The Fed may end balance sheet reduction on December 1 and become a net buyer next year [12] Energy and Chemical Futures - Singapore's fuel oil inventory rose, while middle distillates and light distillates inventories declined [16] - China's domestic soda ash inventory slightly decreased, and production increased [16] - China's national float glass inventory decreased, and inventory days decreased [16] Metal Futures - The auction of spodumene concentrate ended at a price of 7058 yuan per ton [19] - Goldman Sachs believes that copper prices may not sustain above $11,000 per ton, and the market will be slightly oversupplied in 2026 [21] - Indonesia will issue a 400,000-ton copper concentrate export quota to Amman Mineral [21] - Global gold demand in Q3 2025 reached a record high [21] Black Futures - Manganese ore production in Gabon decreased in Q3 2025 [27] - China's rebar production increased, and inventories decreased [27] - Henan Province issued an action plan for the steel industry [27] Agricultural Futures - As of October 27, Xinjiang's cotton picking progress was 82.8%, and it is expected to end around November 15 [29] - The physical inventory of red dates increased [30] - Canada's rapeseed crushing volume increased in September [32] - Brazil's sugarcane crushing and sugar production increased in October [32] Financial Markets Stocks - A-shares fell, with technology stocks leading the decline, and the lithium battery industry chain strengthened [34] - Hong Kong stocks declined, with southbound funds net buying HK$13.641 billion [34] - A-share margin trading balance exceeded 2.5 trillion yuan, and semiconductor stocks were popular among margin traders [34] Industry - The weighted average interest rate of new commercial personal housing loans in Q3 2025 was 3.07% [37] - 21 troubled real estate companies have approved or completed debt restructuring, with a total debt resolution of about 1.2 trillion yuan [37] - The pilot area for pension wealth management products will be expanded to the whole country [37] Overseas Markets - The Fed may select a new chairman before Christmas [40] - The European Central Bank maintained the benchmark interest rate at 2% [40] - Eurozone Q3 GDP grew better than expected, but member states' performance was divergent [40] - The Bank of Japan maintained the benchmark interest rate at 0.5% [40] International Stocks - U.S. stocks fell, with concerns about the economic outlook intensifying [42] - European stocks showed mixed performance, with different factors affecting each country's market [42] - Apple's Q4 revenue and earnings exceeded expectations, and it announced a cash dividend [43] - Amazon's Q3 earnings and revenue exceeded expectations, and it provided positive Q4 guidance [43] Commodities - The World Bank predicts that global commodity prices will decline in 2026 [44] - Hong Kong is accelerating the construction of an international gold trading center [45] - Global gold demand reached a record high in Q3 [45] Bonds - The interbank bond market was bullish, and Meta's bond issuance received strong demand [48] - U.S. Treasury yields rose, and the market lowered its interest rate cut expectations [49] Foreign Exchange - The central bank plans to develop the RMB foreign exchange derivatives market and promote RMB internationalization [50] - The onshore RMB depreciated against the U.S. dollar [50]

Market Overview - On October 30, US stock indices collectively declined, with the Nasdaq down by 377.33 points, a drop of 1.57%, the S&P 500 down by 0.99%, and the Dow Jones down by 0.23% [1] Company Performance - Meta Platforms experienced a significant drop of over 11%, resulting in a market value loss of $214 billion (approximately ¥15,216 million), marking its largest single-day decline in three years and reaching a new low since June. The company's Q3 net profit was $2.7 billion, falling short of analyst expectations, and it plans to raise at least $25 billion through bond issuance [2] - Google saw an increase of over 2%, with Q3 revenue, profit, and full-year capital expenditure guidance exceeding analyst expectations, and several key business segments achieving double-digit percentage growth [4] - Tesla's stock fell by over 4%, leading to a market value loss of $71.2 billion (approximately ¥5,063 million) [6] - Amazon reported Q3 net sales of $180.17 billion, surpassing the forecast of $177.82 billion, with an operating profit of $17.42 billion, below the expected $19.72 billion. The Q3 net profit was $21.19 billion, with earnings per share of $1.95, exceeding the forecast of $1.58. AWS net sales reached $33.01 billion, a 20% year-on-year increase, and the company expects Q4 net sales between $206 billion and $213 billion [7] - Apple reported Q4 revenue of $102.47 billion, a year-on-year increase of 7.9%, and a net profit of $27.47 billion, with earnings per share of $1.85, a 90.72% year-on-year increase. The company anticipates "double-digit" growth in iPhone sales for the next quarter, exceeding market expectations of 9.8% [10][11] Market Sentiment - The Nasdaq China Golden Dragon Index fell by 1.88%, with most prominent Chinese concept stocks declining, including Bilibili down over 5%, NetEase down over 4%, Alibaba down over 3%, and JD down nearly 3% [12]

Group 1: Meta - Meta's stock dropped over 11%, resulting in a market value loss of $214 billion (approximately 1521.6 billion RMB), marking the largest single-day decline in three years and reaching a new low since June [1] - The company's Q3 net profit was $2.7 billion, significantly below analyst expectations, prompting plans to raise at least $25 billion through bond issuance [1] Group 2: Amazon - Amazon reported Q3 net sales of $180.17 billion, exceeding the forecast of $177.82 billion, with an operating profit of $17.42 billion, below the expected $19.72 billion [6] - The company's Q3 net profit was $21.19 billion, with earnings per share of $1.95, surpassing the expected $1.58 [6] - AWS net sales reached $33.01 billion, a 20% year-over-year increase, above the forecast of $32.39 billion [6] - Amazon's stock surged over 13% in after-hours trading following the earnings report [6] Group 3: Apple - Apple's Q4 revenue was $102.47 billion, a 7.9% year-over-year increase, slightly above the forecast of $102.19 billion [7] - The company's Q4 net profit was $27.47 billion, with earnings per share of $1.85, a 90.72% increase year-over-year, exceeding the expected $1.77 [7] - iPhone revenue for Q4 was $49.03 billion, a 6.1% increase, while the company forecasts "double-digit" growth in iPhone sales for the next quarter, higher than the market's expected 9.8% growth [7] Group 4: Google - Google's stock rose over 2% as the company reported Q3 revenue and profit that exceeded analyst expectations, with multiple key business segments achieving double-digit percentage growth [3] Group 5: Other Companies - Microsoft and Nvidia stocks fell over 2%, while Netflix dropped over 1% [6] - Metsera Inc. (MTSR), a clinical-stage biotech company, saw its stock rise over 22%, reaching an all-time high since its listing [6] - Cryptocurrency-related stocks, including Canaan Inc., Coinbase Global, and Marathon Holdings, experienced declines, with Canaan falling over 9% and others dropping over 5% [6] Group 6: Market Indices - The Nasdaq Golden Dragon China Index fell by 1.88%, with most prominent Chinese concept stocks declining, including Bilibili down over 5% and Alibaba down over 3% [9]

Group 1 - The meeting between Chinese President Xi Jinping and US President Trump resulted in a consensus on economic and trade issues, emphasizing the need for cooperation and mutual respect [1] - The US agreed to cancel the 10% tariff on Chinese goods and suspend the 24% tariff for one year, while China will adjust or suspend related countermeasures [1] - Both sides reached agreements on fentanyl cooperation, expanding agricultural trade, and handling specific corporate cases, with the US making positive commitments in investment [1] Group 2 - A-share companies reported a total revenue of 53.41 trillion yuan for the first three quarters of 2025, a year-on-year increase of 1.20%, with a net profit of 4.70 trillion yuan, up 5.34% [2] - The net profit growth rate for A-shares in the third quarter reached 11.30%, a significant rebound from the previous quarter [2] Group 3 - The G7 plans to establish a "critical minerals production alliance" to counter China's market dominance, prompting a call for adherence to market principles and international trade rules [3] - The Ministry of Commerce released 16 measures to promote green trade, focusing on green design, low-carbon logistics, and enhancing international competitiveness of green products [3] - A new tax-free shop policy was announced to boost consumption, expanding the range of products available [3] - A new policy financial tool worth 500 billion yuan has been fully deployed, expected to drive over 7 trillion yuan in project investments [3] Group 4 - A-shares experienced a significant decline, particularly in technology sectors, while the lithium battery industry saw growth [4] - The Hong Kong stock market also faced a downturn, with the Hang Seng Index closing down [4] Group 5 - The balance of margin financing and securities lending in A-shares surpassed 2.5 trillion yuan, with significant net purchases in the semiconductor sector [5] - The China Securities Regulatory Commission approved the IPO registration of Moore Threads, aiming to raise 8 billion yuan for AI chip development [5] Group 6 - Major banks reported third-quarter net profits, with Agricultural Bank at 813.49 billion yuan (up 3.66%) and China Petroleum at 422.87 billion yuan (down 3.9%) [6] - BYD's net profit decreased by 32.6% in the third quarter, while SAIC Motor's profit surged by 645% [6] Group 7 - The People's Bank of China reported a weighted average interest rate of 3.07% for new commercial personal housing loans in the third quarter of 2025 [8] - The China Index Academy noted that 21 distressed real estate companies have completed debt restructuring totaling approximately 1.2 trillion yuan [8] Group 8 - The Ministry of Industry and Information Technology published a list of 129 photovoltaic companies, indicating a dynamic management approach to previously announced compliant companies [9] - The software industry reported a revenue of 11.11 trillion yuan in the first three quarters, with a profit of 1.43 trillion yuan, reflecting a year-on-year growth [9] Group 9 - The World Bank projected a decline in global commodity prices for the fourth consecutive year, with energy prices expected to drop by 12% in 2025 [18] - The Hong Kong government is working on establishing a central clearing system for gold, aiming to become an international gold trading center [19]

Executive Compensation - The total pay package for Stéphane de La Faverie, the new CEO, is $9.6 million for fiscal year 2025, which includes stock options that may not be fully realized due to stock price fluctuations [2][3] - Akhil Shrivastava, the new CFO, has a compensation of $3.6 million, while Tracey T. Travis, the former CFO, has a package totaling $7.5 million for 2025 [4] - Jane Hertzmark Hudis, the chief brand officer, has a compensation of $6.8 million, down from $7.2 million the previous year [4] Leadership Changes - Stéphane de La Faverie took over as CEO in January and is implementing a new strategy called "Beauty Reimagined" to drive growth for the company [3] - Fabrizio Freda, the former president and CEO, received the highest compensation at $17.8 million before his retirement [5] - Other notable compensations include Rashida La Lande at $10.9 million and Peter Jueptner at $5.8 million [5] Financial Performance - For the three months ending June 30, the company's net sales decreased by 12% to $3.4 billion [3]