Target just made a big change this weekend. Here’s what to know
It’s fair to say that Minneapolis-based Target is going through a rough patch as a result of declining sales and customers. After facing boycotts, tariffs, and a massive surge of federal U.S. Immigration and Customs Enforcement (ICE) operations in its hometown, Target, long overdue for a big change, made one this weekend—appointing a new CEO.
Michael Fiddelke, who began his career at Target more than two decades ago, officially took over as chief executive officer on Sunday. He was previously Target’s chief operating officer and its former chief financial officer. (Last summer, the retailer announced he’d be succeeding longtime CEO Brian Cornell.)
“While we have real work to do, we are clear on who we are, our unique place in retail and in the hearts of our guests,” Fiddelke said in a statement on Monday, acknowledging the long road ahead. “We are equally clear on the opportunity in front of us . . . it’s what grounds the important work in front of us now.”
Fiddelke said he’ll focus on four priorities: “bringing together design, style and value”; making store visits and digital interaction “easier and more welcoming”; “accelerating technology” to remove friction and to create a more personalized experience; and “strengthening the team by building future-ready skills” alongside the communities they serve.
Shares of Target (NYSE: TGT) were up over 3% in midday trading on Monday, at $108.75, at the time of this writing.
Target financials
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Start your free trialTarget Corp. reported third-quarter earnings results of $25.27 billion in revenue, just short of analyst expectations of $25.32 billion, and adjusted earnings per share (EPS) of $1.78, beating expectations of $1.72.
Its sales have been roughly stagnant for four years due to a number of factors, including higher inflation, changing consumer habits, concern about the economy, and boycotts triggered by its rollback on diversity, equity, and inclusion (DEI) policies.
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