Target will have a new CEO to start the next year as Brian Cornell becomes chairman for the retailer. The board unanimously elected Micheal Fiddelke as Target’s next CEO, effective Feb. 1, to start fiscal 2026 for the Minneapolis-based retailer.
Fiddelke is now the chief operating officer and has spent 20 years at Target holding leadership roles in merchandising, finance, operations and human services. In May 2025, He was selected to oversee the Enterprise Acceleration Office, a new department tasked to review ways to drive greater speed and agility across the company on the heels of a rough first quarter.
“Michael is the right candidate to lead our business back to growth and I want to express my full confidence in his leadership and focus on driving improved results and sustainable growth,” Cornell said. “He’s contributed meaningfully during times of change and played a critical role in establishing the differentiated capabilities that will continue to drive Target forward.”
Target missed on its second quarter earnings Wednesday, reporting $2.05 per share, down 20% from the year-ago period. Net income totaled $935 million for the period, down from $1.2 billion a year ago. Total revenue was $25.2 billion, down 1% from $24.5 billion a year ago. Online sales improved 4.3% helped by growth in membership and drive-up curbside pickup.
Target’s operating income showed a 19.4% decrease coming in at $1.3 billion with a gross margin of 29%.
The retailer guided for a low-single digit decline in sales and earnings per share of $8 to $10 for the full-year. Adjusted earnings per share, which excludes gains from litigation settlements in the first quarter, is expected to range between $7 and $9.
Cornell warned the prospect of higher tariffs implemented by the Trump administration could result in more price hikes if trade policy is not finalized with China and other important trade partners.
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