Target CEO transition, Ulta exit, workforce cut amid sales decline and tariff uncertainty

Filed March 11, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 12, 2025 · ~2 min read

Key Changes

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  Brian Cornell stepped down as CEO after 12 years; Michael Fiddelke (former COO/CFO) took over in February 2026. Multiple EVPs departed, including Chief Commercial Officer and Chief Strategy Officer, alongside 25,000-employee headcount reduction (5.7%).

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  Comparable sales fell 2.6% (traffic down 2.2%), net sales declined $1.8B to $104.8B, and operating income dropped 14.2% on adjusted basis. After-tax ROIC declined 160 basis points to 13.8%. Share buybacks cut 60% to $403M.

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  Ulta Beauty shop-in-shop partnership terminates August 2026 by mutual agreement. Target also discontinued seven owned brands and four exclusive alcohol brands, while owned-brand sales mix fell from 33% to 30% of merchandise.

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