After months of missing the bullseye on sales, the CEO of Target is headed for the exit. The company said that CEO Brian Cornell will be replaced in February. Jo Ling Kent has more.

Minneapolis

Target has announced that CEO Brian Cornell will step down after the company reported continued weak sales and a significant drop in profits. Over the past 11 quarters, Target has experienced either declining or slowing sales, with profits falling nearly 20% compared to the previous year. The company's stock has also dropped more than 25% since the start of the year. 

COO Michael Fidelke, a 20-year veteran at Target, will take over as CEO. The retailer has faced challenges including increased competition from Walmart, Amazon, and Costco, as well as the impact of tariffs and shifting consumer confidence. Additionally, Target's decision to roll back diversity, equity, and inclusion programs has reportedly contributed to declining sales.

Target CEO to step down after declining sales and profits

There's a big shakeup at Target with the CEO stepping down after the retailer reported weak sales numbers. Target's stock has dropped more than 25% since the start of the year, and senior business and tech correspondent, Jolene Kent, explains what's behind Target's struggles. After months of missing the bullseye on sales, the CEO of Target is headed for the exit. The company said today that CEO Brian Cornell will be replaced in February by COO Michael Fidelke, a 20-year veteran at the retailer. The swap at the top comes after 11 straight quarters of declining or slowing sales. Profits have dropped nearly 20% compared to last year. Other retailers like Home Depot and Lazy Boy have missed sales expectations. Companies say President Trump's tariffs and the trade war have begun to drive up prices of some goods. I think the consumer's really nervous. Nishan Radia is an investment banker at B. Riley Securities. What does the situation at Target tell you about the health of the American consumer? Target's recent results show you the economy is stressed, consumers are trading down, and I think they're continually looking for the best way to stretch their wallets. Consumer confidence in the economy has dropped five out of the last seven months. Despite that, Target ended its price-matching program in July as it faces intense competition from Walmart, Amazon, and Costco. Is Target a casualty of the tariff situation? I think all retailers are suffering from tariffs and the impact on margins. Whether they're passing it on or not is still early to say. Across the board, consumers are trading down. Even the higher-income consumers are gonna trade down. They're just not going to Target anymore. And the company said customer backlash to its decision to roll back diversity, equity, and inclusion programs this year has also hurt sales. Do you think Target can win them back? Target can win them back. I think it has to return to some of its core basics of delivering chic products at good value. As for other big retailers, Home Depot said this week that they may see some modest price movement on certain items that they import from outside the U.S. And as for perhaps the best economic indicator out there, or one of them, Walmart reports its quarterly earnings tomorrow.

Israel's military has called up tens of thousands of reservists in preparation for an expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

Jerusalem

Middle East Conflict

Israel calls up 60,000 reservists ahead of Gaza City operation

The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Washington

Global Tariffs

Trump expanding steel and aluminum tariffs

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

Ukraine Invasion

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Israel approves next phase of Gaza offensive, focus on Gaza City

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

Trump says no U.S. ground troops will be sent to Ukraine

Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Austin

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

EU leaders show cautious optimism following Zelenskyy, Trump talks

As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

Israel digs in on Gaza takeover as Hamas softens on ceasefire

President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

Trump tells Zelenskyy U.S. would help with security in a peace deal

Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

Bolivia heads to runoff after historic defeat for the left

All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

Reports: Hamas accepts latest Gaza ceasefire proposal

Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Erin expected to bring dangerous conditions to U.S. East Coast

Ahead of his Monday meeting with President Trump, Ukrainian President Volodymry Zelenksyy says his country will not give up any territory to Russia, even as the White House insists potential land swaps will be necessary. Willie James Inman reports.

Kyiv

Ahead of Trump meeting, Zelenskyy says won't give territory to Russia

Thousands of Israeli protesters demanded a deal to secure the release of hostages still held by Hamas in one of the biggest demonstrations since the war in Gaza began. Debora Patta reports.

Thousands of Israelis protest in Gaza, call for end to fighting

Ukrainian President Volodymyr Zelenskyy flies to Washington on Monday under heavy U.S. pressure to agree to a swift end to Russia's war in his country, but determined to defend Kyiv's interests — without sparking a second Oval Office dust-up with Donald Trump.

Zelenskyy, European allies to meet with Trump to discuss peace

European leaders voiced strong support for Ukraine ahead of a Washington summit with U.S President Donald Trump. They emphasized unity, territorial integrity and security guarantees as essential to any peace deal.

Paris

European leaders stress unity with Ukraine ahead of peace talks

International condemnation and pressure from allies have done nothing to stop Israel's plan to displace the people of northern Gaza. Israel on Saturday (August 16) said it is preparing to move Palestinians from combat zones to southern Gaza.

Israeli military prepares to move Palestinians to southern Gaza

Thousands of people took to the streets on Sunday in a nationwide strike amid fears further fighting could endanger the 50 hostages believed to still be in Gaza.

Tel Aviv-Yafo

Dozens of Israelis arrested in protest to demand end to Gaza war

Russia continues to target Ukrainian cities firing hundreds of missiles and projectiles daily despite ongoing peace efforts, led by the United States. Ukrainian officials say their unwillingness to dial back their offensive reflects their lack of sincere interest in peace.

Breakdown