The earnings results from Best Buy and Kohl’s, announced Thursday, offer the latest evidence of consumers’ cautious spending amid a challenging economic environment.

Kohl’s reported on Wednesday that both profits and sales declined in the second quarter as the department store wrestles with shoppers’ cautious spending in a challenging economy.

Results from Macy’s, Kohl’s and Gap have further underscored the cloudy picture for U.S. retailers heading into the start of the holiday season.

Michelle Gass, CEO of department store chain Kohl’s, is stepping down from her role early next month and will become the president of denim giant Levi Strauss & Co. Levi’s said in a release that Gass will start on Jan. 2 and the board of directors has put in motion a succession plan for her to succeed Chip Bergh, president and CEO in the next 18 months.

Shares of Kohl’s are up more than 12% before the market open on Tuesday after the retailer announced that it is in exclusive takeover talks with the owner of Vitamin Shoppe.

Kohl's is getting a makeover.

(AP Photo/Alex Brandon, File)NEW YORK – The founder and CEO of MyPillow, who amplified President Donald Trump's claims of election fraud, said a backlash against his company has begun after a mob stormed the U.S. Capitol this month. Lindell has continued to push bogus claims of election fraud since Trump’s loss to President-elect Joe Biden in the presidential race. That has led people to flock to social media and put pressure on stores carrying MyPillow to drop the brand. “I stand for what’s right,” said Lindell, who created the MyPillow in 2004 and built the business in Chaska, Minnesota, southwest of Minneapolis. “I’m standing firm.”Aside from the retail pressure, Lindell is also facing potential litigation from Dominion Voting Systems for his accusations that their voting machines played a role in election fraud.

As many big box stores reopen and enhance cleaning and safety procedures, some stores are starting to require patrons to wear a mask while shopping. Kohls said starting July 20, it will require all customers to wear a face-covering when shopping in their stores. Find out if your favorite store is open and learn more here: https://t.co/yKv4erCCY8 #Kohls pic.twitter.com/F0paQSMwlJ Kohl's (@Kohls) July 2, 2020Kohls joins a growing list of stores that are requiring face masks to shop. Walmart, Sams Club and Kroger have also made the decision to require a face covering before entering the store. To best serve our communities and protect the health and safety of our shoppers and associates, face coverings will be required in all stores beginning Monday, July 20.

An empty parking lot is seen at a temporarily closed Kohl's department store, Wednesday, April 29, 2020, in Havertown, Pa. Devastated by the coronavirus, the U.S. economy is sinking. (AP Photo/Matt Slocum)WASHINGTON The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. That was the sharpest quarterly decline since an 8.4% fall in the fourth quarter of 2008 during the depths of the financial crisis. The first quarter decline reflected just two weeks of the shutdowns that began in many parts of the country in mid-March. Economists are forecasting a much bigger GDP drop of around 30% for the current April-June period.