Shares in Target (TGT) fell more than 6% on Wednesday, after the US retailer announced that chief operating officer Michael Fiddelke will become the company's new CEO.
Fiddelke is set to take over from Brian Cornell, who will become the executive chair of Target's board, both effective from 1 February 2026.
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The announcement comes as the company seeks to turnaround performance, with results released on Wednesday showing net sales in the second quarter edged 0.9% lower to $25.2bn (£18.7bn).
Net earnings for the quarter fell 21.5% to $935m, with diluted earnings per share down 20.2% to $2.05 compared to the same period last year.
Target maintained its guidance for the year, expecting a low single digit decline in sales and adjusted earnings per share of $7 to $9.
Another retail stock in focus on Thursday was Walmart (WMT), with shares steady in pre-market trading ahead of the company reporting its second quarter earnings before the US market open.
In Walmart's first quarter results, chief financial officer John David Rainey said that the company had decided to hold off on providing a specific range of guidance for operating income growth and earnings per share for the second quarter, given the “dynamic nature of the backdrop”.
Walmart did guide to net sales growth of 3.5% to 4.5% for the quarter, based on the $167.8bn it reported a year ago.
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AJ Bell's (AJB.L) investment director Russ Mould and head of financial analysis Danni Hewson said that analysts expect a headline figure for net sales of $174bn.
“That turns into a consensus analysts’ forecasts for [net profit in] the second quarter of $5.8bn, and a headline earnings per share figure of $0.72, up from $0.67 a year ago,” they said.
“For the full year to January 2026, Walmart has thus far guided to a net sales increase on a constant currency basis of 3% to 4% and analysts’ headline estimate for the top line is $699bn,” they added. “Management expects full-year EPS to come in between $2.50 and $2.60, and the current analysts’ consensus is $2.58.”
Shares in James Hardie Industries (JHX) tumbled nearly 35% on Wednesday, after the global building materials company pointed to a weak US housing market and homeowners reluctant to spend on big projects.
In first quarter results released on Tuesday, CEO Aaron Erter said: “Presently, demand in both repair & remodel and new construction in North America is challenging. Uncertainty is a common thread throughout conversations with customer and contractor partners.
