Net earnings of $935 million were down 21.5% compared to last year. Earnings per share, on both a GAAP and adjusted basis, amounted to $2.05, down 20.2% year-over-year.
For fiscal year 2025, Target expects a low-single-digit decline in sales. GAAP EPS is expected to range between $8.00-10.00 and adjusted EPS is expected to be approx. $7.00-9.00.
Target also announced that Michael Fiddelke, Chief Operating Officer, will succeed Brian Cornell as Chief Executive Officer effective February 1, 2026. Cornell will transition to the role of Executive Chair of the Board of Directors.
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Prior performance
