Target's financial woes continued to mount as the retailer reported another drop in sales during its latest quarter and cut its full-year profit guidance on Wednesday.
The Minneapolis-based company's latest earnings report signals deepening trouble for the struggling retailer, which has faced multiple challenges in recent months.
Last month, Target announced plans to lay off 1,000 corporate employees as part of cost-cutting measures. The retailer's sales haven't grown in about four years, reflecting broader struggles to attract and retain customers.
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Target has also faced intense customer backlash for its retreat on some diversity initiatives, adding to the company's operational challenges.
In August, Target CEO Brian Cornell announced he was stepping down after 11 years leading the retailer. Michael Fiddelke, Target's chief operating officer, will step into the CEO role next year.
The leadership transition comes at a critical time as Target works to reverse its declining sales trajectory and restore investor confidence.
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