Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.

Target CEO Brian Cornell plans to step down Feb. 1. He helped reenergize the company but has struggled to turn around weak sales in a more competitive retail landscape.

Target reported yet another quarter of weak financial results, with comparable sales down 1.9%, and the cheap-chic retailer reaffirmed its expectation that sales will decline by a low single-digit percentage this year,