Kohl’s on Tuesday forecast weaker-than-expected sales and its new chief executive warned that a turnaround will take “some time” – sending its shares toppling 22%.

Kohl’s cut its dividend and projected a larger-than-expected sales decline for fiscal 2025, weighing on shares.Shares fell 24% Tuesday. Ahead of Monday’s market close, the stock was down 14% year to date.

He worked for 13 years at Walmart in top roles including chief merchant of its massive e-commerce business and Sam’s Club division. Buchanan then became CEO of crafts retailer Michaels in 2020, improving its stores,

Kohl's Corp new CEO warned that a turnaround will take "some time" after the U.S. department store chain forecast a bigger-than-anticipated drop in annual sales, sending its shares sliding 20% to a near three-decade low on Tuesday.

Kohl’s cut its dividend and guided for another sales decline in fiscal 2025 that’s bigger than Wall Street had been expecting.