US EditionWall Street drifts in premarket trading while Target tumbles on sluggish sales and a CEO change
Brian Cornell will step down as Target CEO on Feb. 1 after eight of the past 10 quarters showed flat or declining comparable store sales, reflecting ongoing retail challenges.
- On Wednesday, Target Corporation's shares plunged 11% in premarket trading after Brian Cornell, Chief Executive Officer for 11 years, announced he will step down and Michael Fiddelke, Chief Operating Officer and 20-year company veteran, will succeed him on February 1, 2026.
- The move follows persistent sales declines and operational strains as Target reports its third consecutive quarter of falling sales and a 1.9% drop in comparable store sales amid overstock and inflation.
- The incoming chief executive outlined plans to refresh merchandise, improve store appeal, and invest in technology, including Mr Fiddelke's new initiative called `Fun 101`.
- Investors have grown wary, leaving Target among the S&P 500's laggards this year due to its DEI initiatives rollback earlier this year, sparking backlash and boycotts that dented sales and reputation.
- Sector moves, from Lowe's gains to Estee Lauder's slide, underscore divergent retail results as Lowe's jumped 3.4% after an about $8.8 billion acquisition and Estee Lauder fell 7.5%.
35 Articles
35 Articles
Target's CEO is Stepping Down As It Struggles
Minneapolis-based discount retail giant Target announced Wednesday that Chief Operating Officer Michael Fiddelke, a 20-year company veteran, will take over as chief executive officer on February 1, succeeding Brian Cornell, who has led the company for 11 years. The decision comes as Target grapples with persistent sales declines and works to restore its reputation as […] The post Target’s CEO is Stepping Down As It Struggles appeared first on Co…
Target CEO resigns after boycotts and "plummeting" sales
Target, stagnant for years, set out to please the Trump administration and right-wing activists by ending diversity, equity and inclusion programs. Unfortunately for Target, the Trump administration and right-wing activists don't shop at Target. Everyday people shop there, many of them black, women and LGBTQ+. — Read the rest The post Target CEO resigns after boycotts and "plummeting" sales appeared first on Boing Boing.
Coverage Details
Bias Distribution
- 47% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
