Target named Michael Fiddelke, a company insider who joined as an intern in 2003 and has served in merchandising, finance, operations, HR, CFO and COO roles, as CEO effective February 1. Brian Cornell will step down as CEO and become executive chair. The retailer has faced post-pandemic challenges as customers shifted to budget alternatives and experienced a difficult first quarter after rolling back DEI initiatives. Target reported second-quarter sales of $25.2 billion, a nearly 1% year-on-year decline but above expectations, while shares fell about 10% premarket and the company expects low-single-digit sales declines in 2025.
refocus our strategy and build on the assets and capabilities that have made Target a beloved destination for incredible products and a one-of-a-kind shopping experience.
And to be clear, we have work to do to reach our full potential,
the hallmarks of a retailer not living up to its potential.
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