Trending Now - Target's CEO Aims to Rebuild Trust With Grocery Strategy

WHO:

Michael Fiddelke, CEO of Target

Target Corporation, based in Minneapolis

Brian Cornell, former CEO of Target

WHAT:

Target reported a decline in sales and profits for the quarter ending January 31, 2026.

Earnings per share for the quarter were $2.30, totaling $1.05 billion, down from $2.41 per share and $1.10 billion in the same quarter the previous year.

Adjusted earnings per share for the most recent quarter were $2.44.

Sales fell 1.5% to $30.45 billion during the latest quarter, compared to $30.92 billion in the year-ago period.

For the full year, sales fell nearly 2% to $104.78 billion.

Target expects net sales to rise about 2% in 2026 and anticipates growth in every quarter.

Target plans to increase capital spending by 25% to $5 billion in 2026.

Comparable-store sales dropped 2.5% during the latest quarter.

Target's stock has dropped nearly 30% over the last three years.

Fiddelke stated, "Prove is the right word. It's a ‘Prove it’ story."

WHERE:

Target's headquarters in Minneapolis, Minnesota

Target operates approximately 2,000 stores

WHEN:

Reports were made on March 5, 2026.

The quarter ending January 31, 2026, was reported on Tuesday, March 5, 2026.

Fiddelke became CEO on February 1, 2026.

Refunds began arriving as early as February 6, 2026.

WHY:

Target aims to regain customer trust and improve its image as a shopping destination.

The company has faced challenges due to high inflation, shopper boycotts, and competition from Walmart and Amazon.

Fiddelke noted the need to refresh stores and merchandise to win back shoppers.

HOW:

Target plans to enhance its merchandise and store design.

The company is focusing on improving the in-stock experience for customers.

Fiddelke emphasized the importance of fostering creativity among merchandise buyers through travel and inspiration.

Target Corporation, based in Minneapolis, reported a decline in sales and profits for the quarter ending January 31, 2026, with earnings per share dropping to $2.30 from $2.41 the previous year. CEO Michael Fiddelke, who took the helm on February 1, highlighted the company's plans to increase capital spending by 25% to $5 billion in 2026 and improve its merchandise and store design to regain customer trust. Despite facing challenges from high inflation and competition, Target expects net sales to rise about 2% this year and is committed to refreshing its stores to win back shoppers.