The news the retail industry has been anticipating for months was finally announced on Wednesday: Target CEO Brian Cornell is finally stepping down after 11 years at the helm and will be replaced by his operations chief Michael Fiddelke in February.
But another piece of news the industry is looking for—Target returning to sales growth—will have to wait. Target reported yet another quarter of weak financial results, with comparable sales down 1.9%, and the cheap-chic retailer reaffirmed its expectation that sales will decline by a low single-digit percentage this year, projecting a third year in a row of declines.
