Discount retailer Target (TGT) has reported financial results that beat Wall Street forecasts and named a new chief executive officer (CEO).
The Minneapolis-based retailer has named Michael Fiddelke, a 20-year Target veteran, as its new CEO.
Fiddelke most recently served as Target’s chief operating officer (COO) and has also been the company’s chief financial officer (CFO). He will officially become CEO on Feb. 1, 2026.
Fiddelke succeeds current Target CEO Brian Cornell, who will become executive chair of the retailer’s board of directors.
The CEO announcement was made as Target reported its latest quarterly financial results.
For the three months ended Aug. 2, Target announced earnings per share (EPS) of $2.05 U.S., which topped analysts’ consensus expectations of $2.03 U.S.
Revenue of $25.21 billion U.S. beat Wall Street forecasts of $24.93 billion U.S. However, sales were once again stagnant from a year earlier, sending Target’s stock down 10% as a result.
Target’s annual revenue has been roughly flat for the past four years, and its failure to grow has shaken confidence on Wall Street.
Same-store sales declined by 1.9% year-over-year in the latest quarter. Customer transactions dropped 1.3% and the average amount customers spent fell 0.6% from a year ago.
Store traffic at the big-box retailer has declined almost every week this year, according to Placer.ai, an analytics firm.
Still, management reiterated their full-year forecast for 2025, which they cut back in May.
Target said it continues to expect a low single-digit percentage decline in sales and earnings to be about $7 U.S. to $9 U.S. per share.
On the earnings call with analysts and media, Fiddelke, age 49, said his two decades with Target is an “asset,” and outlined three priorities for the company moving forward.
The priorities are reestablishing Target’s reputation, providing a more consistent customer experience, and using technology more effectively.
Prior to today (Aug. 20), TGT stock had declined 23% this year to trade at $105.36 U.S. a share. The stock is now down more than 60% from an all-time high reached in 2021.
