Target Shares Slide 9% As Sales And Traffic Declines Overshadow Earnings Beat And CEO Transition Announcement

Benzinga

Target shares fell about 9% on Wednesday after it reported ongoing sales and traffic declines and announced a leadership transition. The retailer beat Wall Street’s sales and earnings expectations in the fiscal second quarter. Chief Operating Officer Michael Fiddelke, a 20-year company veteran who previously served as CFO, will succeed Brian Cornell as CEO on February 1st, while Cornell becomes executive chair. Fiddelke said his top priorities include restoring Target’s reputation for stylish merchandise, improving customer experience, and using technology for efficiency. Despite challenges, Target reaffirmed its full-year forecast of a low single-digit sales decline and adjusted EPS of $7 to $9.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Target shares fell about 9% on Wednesday after it reported ongoing sales and traffic declines

00:08and announced a leadership transition. The retailer beat Wall Street's sales and earnings

00:13expectations in the fiscal second quarter. Chief Operating Officer Michael Fidelka,

00:18a 20-year company veteran who previously served as CFO, will succeed Brian Cornell as CEO on

00:23February 1st, while Cornell becomes Executive Chair. Fidelka said his top priorities include

00:29restoring Target's reputation for stylish merchandise, improving customer experience,

00:34and using technology for efficiency. Despite challenges, Target reaffirmed its full-year

00:39forecast of a low single-digit sales decline and adjusted EPS of $7 to $9. For all things money,

00:45visit Benzinga.com.

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