Target sales fall 1.7% as CEO transition, tariff volatility, and transformation costs reshape strategy

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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  Michael Fiddelke became CEO in February 2026, succeeding Brian Cornell (now Executive Chair). Lisa Roath promoted to COO, Cara Sylvester to Chief Merchandising Officer; four prior EVPs (Gomez, Hennington, Tu, Zabel) departed the executive roster.

  Business: Executive Officers verify on EDGAR →
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  Net sales declined $1.8B (1.7%) to $104.8B; operating income fell 8.1% to $5.1B. Comparable sales dropped 2.6% on 2.2% traffic decline. Adjusted EPS fell 14.5% to $7.57, excluding $593M interchange fee settlement gain and $250M transformation costs.

  MD&A: Financial Performance verify on EDGAR →
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  Supreme Court invalidated IEEPA tariffs in February 2026; refund process and amount uncertain. New Section 122 tariffs imposed. Target sources ~50% of merchandise from outside U.S. (China largest), already incurred substantial costs and raised prices in 2025.

  MD&A & Risk Factors: Tariffs verify on EDGAR →