Target Names New CEO as Shares Drop 11% Despite Earnings Beat

Target reported stronger-than-expected Q2 results, with $25.21B in sales and $2.05 EPS versus $2.03 expected. But comparable sales fell nearly 2%, operating income dropped 19%, and profit margins slipped. Outgoing CEO Brian Cornell warned tariffs will bring short-term pressure, sending shares down 11% to $98.20. COO Michael Fidelke has been named the company’s next CEO, effective 2026.