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Brian Cornell’s tenure as Target CEO ended on February 1, 2026, when Michael Fiddelke took over. Cornell became executive chair. Target’s sales declines formed the backdrop to the succession, but the company did not say that falling sales alone caused the change. And sales are no longer falling in the latest results available here: Target reported year-over-year growth in its second quarter of 2026.
Who replaced Brian Cornell as Target CEO?
Target’s board announced on August 20, 2025, that it had unanimously elected then-chief operating officer Michael Fiddelke as Cornell’s successor, effective February 1, 2026. The transition took effect as planned: an SEC filing confirms Fiddelke became CEO and joined the board that day, while Cornell stepped down as CEO and continued as executive chair. Target said the two would work together through the transition. Target’s announcement described a succession process that included an external search; Fiddelke was an internal candidate with more than 20 years at the company and experience in merchandising, finance, operations and human resources. The SEC filing said Cornell was anticipated to serve as executive chair or special adviser until March 13, 2027. That was the filing’s expectation at the time, not confirmation of his later status.
Target’s lead independent director, Christine Leahy, said the board believed Fiddelke was the right leader to return the company to growth and accelerate its strategy. Fiddelke, as incoming CEO, said he had “an urgent commitment to drive growth and deliver better results.” Those were the board’s and Fiddelke’s stated views, not an independent finding about why the succession occurred. Target did not identify falling sales as the sole cause.
Were Target’s sales falling when the succession was announced?
Yes. Target announced the leadership change on August 20, 2025, alongside results showing weakness. In the second quarter of fiscal 2025, net sales were $25.2 billion, down 0.9% year over year, and comparable sales fell 1.9%. Comparable store sales declined 3.2%, partly offset by 4.3% growth in comparable digital sales. Target maintained its then-current guidance for a low-single-digit decline in fiscal 2025 sales. These company-reported figures explain the headline’s original framing, but they do not establish that sales declines caused the CEO change. Target’s Q2 2025 results provide the details.
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Weakness continued for the full year. Target reported fiscal 2025 net sales of $104.8 billion, down 1.7% from $106.6 billion, and comparable sales down 2.6%. In Q4 2025, net sales declined 1.5% and comparable sales declined 2.5%; store comparables fell 3.9%, while digital comparables grew 1.9%. The measures are not interchangeable: net sales are total reported sales, while comparable sales track sales at comparable stores and digital channels. Target’s full-year 2025 release reports both.
Are Target sales still falling?
Not in the latest quarter covered here. Target reported second-quarter 2026 results on August 19, 2026, for the quarter ended August 1. Net sales were $26.5 billion, up 5.3% year over year, and comparable sales increased 3.8%, with traffic up 3.6%. Comparable store sales rose 2.7%, and comparable digital sales rose 8.7%. Target said all six core merchandising categories grew; non-merchandise sales increased 20.1%. These are company-reported quarterly results, not a guarantee that growth will continue. Target’s Q2 2026 release is the latest quarter located for this article.
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Target also gave guidance for net-sales growth of around 5% for full-year 2026. That is management’s forecast issued in August 2026, not a realized full-year result. The latest quarter therefore marks a change from the 2025 declines, while the full-year outcome remained prospective at the time of the guidance.
What do Target’s Q2 2026 earnings say about the recovery?
Target reported diluted GAAP and adjusted earnings per share of $4.11 for Q2 2026, compared with $2.05 a year earlier. That headline comparison needs context: Target said $1.65 per share of the 2026 figure came from tariff refunds, and it reported $994 million in pretax tariff-refund benefits during the quarter. The company separately said EPS increased 20% year over year excluding tariff refunds. The reported EPS jump should not be read as entirely the result of underlying operating improvement.
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In a February 2, 2026 message, Fiddelke outlined four priorities for Target: giving merchandising greater authority; making the guest experience easier and more inspiring in stores and digital channels; using technology to remove friction and personalize experiences; and investing in employees and communities. He also said, “Our guests want great design, real value and experiences that delight.” These are the new CEO’s stated priorities, not evidence that the intended outcomes have already been achieved. Fiddelke’s message sets out the agenda.
Target announced early leadership changes on February 10, effective February 15: Cara Sylvester would become chief merchandising officer and Lisa Roath chief operating officer. The company said the changes were intended to strengthen merchandising authority and the guest experience and support faster execution. Target also said Rick Gomez would depart, Jill Sando would retire, and it was conducting an external search for a chief guest experience and marketing officer. Those announcements show how Target began organizing around its stated priorities; they do not establish that the changes have improved results. Target’s organization announcement describes the changes.
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