Target reported second-quarter revenue of $25.21 billion, slightly above Wall Street estimates but down 0.9% from last year as same-store sales fell 1.9%. Adjusted earnings dropped 20% to $2.05 a share, though still better than forecasts. Store traffic improved compared to the last quarter, and online sales grew 4.3%. The company kept its full-year guidance, expecting sales to fall slightly and earnings to land between $7 and $9 a share, despite pressure from higher markdowns and tariffs.

Target also announced that COO Michael Fiddelke will take over as CEO on Feb. 1, 2026, succeeding Brian Cornell. Shares of Target fell about 8–10% in pre-market trading after the report.

Meanwhile, rival TJX Companies (owner of TJ Maxx, Marshalls, and HomeGoods) posted stronger results. Its revenue rose 7% to $14.4 billion, earnings came in at $1.10 a share, and same-store sales grew 4%. TJX raised its full-year sales outlook but kept its earnings forecast at $4.52–$4.57 a share. Shares rose about 5% in early New York trading.