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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