Target Stock Up Over 53% Year to Date as Turnaround Advances
Target shares have climbed more than 53% year to date as the retailer's turnaround gains traction. After reporting fiscal results, the stock rose over 5% as comparable sales increased 3.8%, reversing a 1.9% decline a year earlier and marking a second straight quarter of positive growth. Management raised guidance for the rest of the year and plans to cut prices on more than 10,000 everyday items to attract budget-conscious shoppers. New CEO Michael Fiddelke, a 20-year veteran, is leading the transformation.
After the earnings release, the company's shares rose more than 5% in early trading on the same day. Comparable sales increased 3.8% year over year in the quarter, reversing a 1.9% decline in the same period last year. This marks the second consecutive quarter of positive comparable-store sales growth. The company also said that tariff refunds had a positive impact on net profit for the quarter.
Management raised its financial guidance for the remainder of the fiscal year in the earnings release and said it would continue to advance the business transformation. Michael Fiddelke has served as chief executive officer since August 2025, after a 20-year tenure at the company covering roles in sourcing, finance, operations, and human resources. The company plans to attract price-sensitive consumers by lowering prices on more than 10,000 frequently purchased items, while continuing to invest in new product development, convenience, and an improved shopping experience.