Target Hires Ex-Walmart Executive Jeff England as Sales Slump Extends Into Q1

9 articles · Updated · CNBC · May 20

Target named former Walmart executive Jeff England chief supply chain officer on Tuesday, adding a new operations leader as CEO Michael Fiddelke pushes a turnaround ahead of first-quarter results.
Wednesday's earnings are expected to show $1.46 a share on $24.64 billion in revenue, offering a fresh test of whether Target can halt falling sales and weaker customer traffic.
The retailer has said fiscal-year net sales should rise about 2%, with revenue increasing each quarter, but annual sales have been roughly flat for four years.
Target is backing the turnaround with about $5 billion in capital spending this year—more than $1 billion above last year—focused in part on supply chain and stores.
The pressure comes as consumers grow more selective amid high gas prices and macro uncertainty; Target shares are still down more than 40% over five years despite a roughly 30% gain this year.

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