Kohl's expects sales to be down 7-8% for the year, which is the third quarter in a row the company has changed its expectation of its performance.

Kohl's announced that CEO Tom Kingsbury is stepping down in January. He will be replaced by Ashley Buchanan, the current chief executive of arts and crafts retailer Michaels.

Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.