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When Target’s new CEO Michael Fiddelke steps into the role in early February, he will inherit a company facing slumping sales, faltering customer loyalty and skeptical investors.
Its fiscal second-quarter results posted Wednesday illustrated the big-box retailer’s key challenges. Sales fell again from the year-ago period. Customer traffic declined. And shoppers spent less on average during their trips to Target’s website and stores than a year ago.
Fiddelke, announced Wednesday as Target CEO Brian Cornell’s successor, will soon lead the retailer’s comeback efforts and will have to show he can revitalize a company where he has spent about two decades. On an earnings call Wednesday, he acknowledged Target is falling short, but described his long run with the retailer as “an asset” and said he knows what Target can be at its best.
“I know we’re not realizing our full potential right now, and so I’m stepping into the role with a clear and urgent commitment to build new momentum in the business and get back to profitable growth,” he said.
