Kohl's (KSS) shares are tumbling 17% in premarket trading Tuesday after the retailer posted weaker-than-expected quarterly results and lowered its outlook.

The downbeat results and outlook come a day after the department store company said that 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Tom Kingsbury is stepping down following less than two years running the 澳洲幸运5官方开奖结果体彩网:struggling retailer. Kingsbury, who was named CEO in February 2023, will leave his post on Jan. 15 and be replaced by Ashley Buchanan, CEO of The Michaels Companies.

Kohl's reported third-quarter net revenue fell 9% year-over-year to $3.51 billion, with profit of $22 million or 20 cents per share. Analysts polled by Visible Alpha expected $3.85 billion revenue, with net income of $29.8 million or 27 cents per share.

Kohl's lowered its outlook for full-year net sales, now forecasting them to decline by 7% to 8%, down from its prior projection of a 4% to 6% decrease. It also lowered its 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) estimate to $1.20 to $1.50 from $1.75 to $2.25.

Outgoing CEO Kingsbury to Stay on🉐 Until May as Advisor

Kingsbury will stay on in an advisory role to Buchanan, who previously held senior positions at Walmart (WMT) aꦺnd its Sam's Club division, Kohl's said. 

Kingsbury, who became interim CEO at the end of 2022 and previously ran Burlington Stores (BURL), will remain i🎉n the advisory role until retiring in May next ye🉐ar, Kohl's said.

"Under his leadership, the company is undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability," board chair Michael Bender said.

Bender said that Buchanan improved Michaels' "profitability and cash flow while driving operational efficiencies across the business," and also ramped up the crafts store's e-commerce business.

UPDATE—This article has been updated with Kohl's third-quarter results and the latest share price information