Target named insider Michael Fiddelke on Wednesday as its new CEO to succeed long-time top boss Brian Cornell, and beat quarterly estimates, helped by a recovery in traffic at its stores and average receipts.

Target also held on to its annual forecasts after lowering them in May when it blamed weak demand for the largely discretionary merchandise it sells like apparel and electronics items.

Fiddelke, a 20-year company veteran most recently serving as chief operating officer, will take the helm on February 1, 2026 with Cornell transitioning to the role of executive chairman, the company said in a statement.

"My number one goal is to get us back to growth," Fiddelke said during a media call on Target's second-quarter earnings report, which showed a 1.9% decline in comparable store sales,

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