Kohl's Corp. (KSS) is betting on stability after years of chaos. The department store chain announced Monday that Michael Bender, who's been running things on an interim basis since May, is now the permanent CEO. It's the third time in three years the company has changed leaders, which tells you something about how well things have been going.

The timing is interesting—Bender's promotion comes just a day before Kohl's reports third-quarter earnings, and the backdrop is pretty rough. The previous CEO, Ashley Buchanan, lasted exactly four months before the board fired him over what the company diplomatically called "improper dealings with a vendor with whom he had a personal relationship." Not exactly the kind of headline a struggling retailer needs.

The Numbers Tell a Tough Story

Wall Street isn't expecting good news when Kohl's reports Tuesday morning before markets open. Analysts are forecasting a loss of 18 cents per share on revenues of about $3.4 billion, according to market data. Back in August, the company warned that full-year net sales would drop somewhere between 5% and 6%.

The challenges aren't unique to Kohl's, of course. Department stores are caught in a nasty squeeze right now. Many shoppers are dealing with an affordability crisis that's making them pickier about where they spend. On top of that, retailers are navigating the sweeping tariffs rolled out this year by the Trump administration, which adds another layer of complexity to an already difficult environment.

Kohl's carries brands like Jumping Beans and Simply Vera Vera Wang, but getting customers through the door has been the persistent problem. The company's been working to revive sales, but it's an uphill battle.

Who Is Michael Bender?

At 64, Bender brings serious retail credentials to the job. He's spent 30 years in the industry, with leadership roles at Victoria's Secret, Walmart, and Eyemart Express. That's a lot of experience dealing with consumer behavior across different retail formats.

"Working with the teams over the last six months has deepened my love of this company and my conviction in what's possible for our future," Bender said in a statement.

Here's something that might give investors hope: Since Bender stepped into the interim CEO role in May, Kohl's shares have absolutely ripped higher—up nearly 135% as of Monday's close. The stock added another 1.65% in after-hours trading Monday, reaching $15.99 per share. Year-to-date, the stock is up 12%.

The Longer View Isn't Pretty

Before you get too excited about that recent rally, zoom out a bit. Over the past five years, Kohl's shares have plunged about 53%. That's brutal, and it looks even worse when you compare it to competitors.

Macy's Inc. (M) stock is up 84.5% over the same period. TJX (TJX), which owns TJ Maxx and Marshalls, has climbed 135%. And Ross Stores Inc. (ROST) is up 59%. The contrast is stark—while off-price retailers have thrived, traditional department stores like Kohl's have struggled to find their footing.

The question now is whether Bender's permanent appointment brings the stability Kohl's desperately needs. The company scores strong on momentum and value metrics but weak on quality, with a price trend that looks negative in the short term but more positive over medium and long-term periods. Tuesday's earnings report should give investors a clearer picture of whether the recent stock surge is justified or just hopeful speculation.

For a company that's been through so much leadership turmoil, having someone at the helm who already knows the business and has proven he can move the stock might be exactly what Kohl's needs. Whether that translates into actual sales growth and sustainable profitability is the real test ahead.