“The board has failed to help develop and oversee a strategic plan to respond to a rapidly-changing retail landscape,” the investors said.
“Products that help people work, learn, connect and cook at home, like computing, appliances and tablets, were the largest drivers of our sales growth."
The troubled retailer said its online growth "leaves us well-positioned to fuel our brands going forward" but its shares sank 5.5%.
The iconic retailer says the progress it had been making after years of declining sales "was wiped out with the onset of COVID-19."
Specialty department store Kohl's has its corporate credit rating cut to BBB-, the lowest investment-grade rung.
The 1.1% drop in comp sales for Q3 was a relief to investors and Target now forecasts as much as a 1% increase for the next quarter.
The high-end retailer is closing 50 stores, and expects its fiscal 2017 restructuring activities to generate $220 million of annualized expense savings.
Best Buy expects sales in the second quarter will be flat, and that non-GAAP diluted earnings per share will fall short of Wall Street's expectations.
