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Target on Tuesday reported mixed fourth-quarter results but forecast a modest sales rebound and a better-than-expected profit for this year, as the retailer, under its new CEO, tries to breathe new life into its stores and catch up with its bigger, tech-focused rivals.
The results arrived in tandem with Target’s TGT analyst day on Tuesday, as the chain tries to generate excitement about its new CEO, Michael Fiddelke, who took over last month. Fiddelke’s appointment was met with some skepticism on Wall Street, following weaker sales over the past few years amid an affordability crunch that has made rivals Walmart WMT, Costco Wholesale COST and Amazon.com AMZN more popular with shoppers.
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