Kohl's on Tuesday said it expects sales to be down 7% to 8% for the year, which is the third quarter in a row the company has changed its expectations on its performance. The Menomonee Falls-based retailer reported a profit of $22 million for the quarter,

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

Kohl’s Corp. named the chief executive officer of Michaels Cos. to lead the retailer as it looks to recover from a deep sales slump.