Target Q3 profit falls 19%, warns on holidays
Minneapolis-based Target reported third-quarter profit of $689 million, down 19% year over year, with adjusted EPS of $1.78 on $25.27 billion in sales (-1.5%). Comparable sales fell 2.7% and the company expects the sales slump to extend through the holiday season; Target also plans to invest an additional $1 billion next year to remodel and build stores (total makeover now $5 billion) and said Michael Fiddelke will succeed CEO Brian Cornell on Feb. 1.
đ Key Facts
- Q3 profit: $689M (vs. $854M last year); adjusted EPS $1.78; revenue $25.27B (-1.5%)
- Comparable sales -2.7%, third straight quarterly decline; company expects weak holiday sales
- Additional $1B planned in 2026 for store remodels/new builds, lifting the makeover to $5B
- CEO transition: Michael Fiddelke to replace Brian Cornell Feb. 1