00:00It's Benzinga bringing Wall Street to Main Street.
00:02Target's new CEO Michael Fiddlekey outlined a $6 billion turnaround plan after the retailer
00:07reported its 13th consecutive quarter of weak or declining sales, according to the Wall Street
00:13Journal. Fiddlekey acknowledged the company's past shortcomings to investors and said newly
00:17promoted leaders will usher in a new chapter focused on growth. Target will invest in stores,
00:22workers, and technology while cutting costs, including corporate layoffs, to fund the effort.
00:27Executives plan to revamp home goods and apparel, expand grocery space, and accelerate new product
00:34launches. Target has struggled to lift sales as shoppers cited messy stores, high prices,
00:39and weaker products, while inflation cut discretionary spending and pandemic growth
00:43diluted its store experience. Cultural controversies also led some customers to pull back spending.
00:49Target expects net sales to rise about 2% this year and projects earnings per share of $7.50
00:55to $8.50. Shares rose 6.7%. For all things money, visit Benzinga.com.
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