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,

Kohl’s surprise CEO departure announcement a day before its quarterly results will play on the minds of investors, who were looking out for a positive forecast from the struggling department store chain ahead of the key holiday shopping season.

Kohl's on Tuesday forecast a bigger drop in annual sales than previously expected, a sign the department-store chain is struggling to draw in shoppers as it navigates a CEO change ahead of a deal-heavy holiday shopping season.

Kohl’s saw sales decline in the latest quarter while its revised outlook for the year suggested a challenging upcoming holiday period, creating a challenging setup for its next chief executive.