After McLaren driver Lando Norris clinched his first Formula 1 title at the Abu Dhabi Grand Prix on Sunday, here's a look at some key moments which helped decide the championship fight.
Defending champion Max Verstappen won the Abu Dhabi GP from pole position for Red Bull, but Norris held his nerve to finish third.
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FILE-McLaren driver Lando Norris of Britain, centre, is flanked by his teammate Oscar Piastri of Australia, left, and Kick Sauber driver Nico Hulkenberg of Germany, right, as they celebrates after winning the British Formula One Grand Prix race at the Silverstone racetrack in Silverstone, England, Sunday, July 6, 2025. (AP Photo/Darko Bandic, File)
McLaren driver Lando Norris of Britain celebrates after becoming a world champion after the Formula One Abu Dhabi Grand Prix at the Yas Marina Circuit in Abu Dhabi, UAE, Sunday, Dec. 7, 2025. (AP Photo/Fatima Shbair)
FILE - McLaren driver Lando Norris of Britain, right, and McLaren driver Oscar Piastri of Australia during the driver's parade at the Qatar Formula One Grand Prix, in Lusail, Qatar, Sunday, Nov. 30, 2025.(AP Photo/Altaf Qadri, File)
FILE-McLaren driver Lando Norris of Britain, centre, is flanked by his teammate Oscar Piastri of Australia, left, and Kick Sauber driver Nico Hulkenberg of Germany, right, as they celebrates after winning the British Formula One Grand Prix race at the Silverstone racetrack in Silverstone, England, Sunday, July 6, 2025. (AP Photo/Darko Bandic, File)
FILE - First place finisher Red Bull driver Max Verstappen of the Netherlands celebrates after the Formula One Las Vegas Grand Prix auto race, Saturday, Nov. 22, 2025 in Las Vegas. (AP Photo/John Locher, File)
FILE -McLaren driver Oscar Piastri of Australia, left, and McLaren driver Lando Norris of Britain walk through the paddock after the qualifying session ahead of the Italian Grand Prix at the Monza racetrack in Monza, Italy, Saturday, Sept. 6, 2025. (AP Photo/Luca Bruno, File)
McLaren driver Lando Norris of Britain celebrates after becoming a world champion after the Formula One Abu Dhabi Grand Prix at the Yas Marina Circuit in Abu Dhabi, UAE, Sunday, Dec. 7, 2025. (AP Photo/Altaf Qadri)
Having entered the race with a 12-point lead on Verstappen, Norris did enough to beat Verstappen by two points overall in the standings and to finish 13 points ahead of McLaren teammate Oscar Piastri, who placed second in the race.
The very first race of the season in Australia had a split-second moment in the rain with an outsized impact on the standings.
As the rain fell, both Norris and Piastri slipped off the track. Norris held the slide and continued on to victory in Melbourne, while Piastri spun out and trailed in ninth in front of his home crowd. That meant an immediate 23-point swing in Norris' favor.
It also helped Verstappen secure a second place which helped his points tally later on. Lewis Hamilton was 10th in a result which paved the way for a disappointing first season with Ferrari.
Asked ahead of the Abu Dhabi Grand Prix about the moments which could have changed the title race, Norris pointed to his collision with Piastri at the Canadian GP in June.
Norris was chasing down Piastri with three laps to go when he attempted an ambitious overtake, hitting his teammate and bouncing into the wall. He apologized to the Australian and to the whole McLaren team.
Other notable mistakes included a qualifying crash in Saudi Arabia, while Norris' hopes were also hit by a rare engine failure at the Dutch Grand Prix. A home win at the British Grand Prix was an emotional high. “I'll remember this more than anything,” he said.
Verstappen surged back into the title fight in the second half of the season, and it coincided with an earthquake at Red Bull.
Longtime team principal Christian Horner was ousted after the British Grand Prix, at the halfway point of the season. At the time, Verstappen was struggling to match the pace of the McLarens and hadn't committed to be with the team for 2026. Weeks later, he said he'd stay.
Horner's replacement Laurent Mekies oversaw a turnaround that began with a sprint race win for Verstappen in Belgium and six Grand Prix wins since then. It hasn't all been plain sailing — at one point, Verstappen dropped 104 points off the lead — but Red Bull is firmly back among F1's top teams.
McLaren's “papaya rules” started with a simple statement — “let 'em race” — but swiftly got more complicated.
Rules and precedents were negotiated over team radio, most notoriously at the Italian Grand Prix, when Piastri was asked to give up a place to Norris, who'd had a slow pit stop. Piastri indicated he thought a slow stop should just be part of racing.
McLaren also had to step in with unspecified “consequences” two races later when Norris and Piastri made contact on the first lap in Singapore.
Australia hoped for its first champion in 45 years after Piastri finished on the podium in 14 of the first 16 races of the season, winning seven. It was championship-level consistency.
Then came Baku.
With the F1 paddock still buzzing over McLaren's decision in favor of Norris in Italy, Piastri had the worst weekend of his career in Azerbaijan in September, and his form dropped off sharply after that.
The Australian crashed in qualifying, then jumped the start and crashed on the first lap. He wasn't on the podium again until the Qatar Grand Prix more than two months later.
Verstappen would have been out of contention before Abu Dhabi if not for two costly blunders by McLaren which helped Red Bull’s four-time champion back into the contest.
Firstly, a setup error at the Las Vegas Grand Prix meant both Norris and Piastri's cars were running too close to the ground, causing illegal wear underneath the car. Both were disqualified, meaning a big swing in Verstappen's favor.
At the following race a week later in Qatar, McLaren opted not to bring Norris and Piastri in for fresh tires under a safety car. Every other team pitted. That strategy call handed Verstappen the win and left Piastri “speechless” in second, with Norris fourth.
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McLaren driver Lando Norris of Britain celebrates after becoming a world champion after the Formula One Abu Dhabi Grand Prix at the Yas Marina Circuit in Abu Dhabi, UAE, Sunday, Dec. 7, 2025. (AP Photo/Fatima Shbair)
FILE - McLaren driver Lando Norris of Britain, right, and McLaren driver Oscar Piastri of Australia during the driver's parade at the Qatar Formula One Grand Prix, in Lusail, Qatar, Sunday, Nov. 30, 2025.(AP Photo/Altaf Qadri, File)
FILE-McLaren driver Lando Norris of Britain, centre, is flanked by his teammate Oscar Piastri of Australia, left, and Kick Sauber driver Nico Hulkenberg of Germany, right, as they celebrates after winning the British Formula One Grand Prix race at the Silverstone racetrack in Silverstone, England, Sunday, July 6, 2025. (AP Photo/Darko Bandic, File)
FILE - First place finisher Red Bull driver Max Verstappen of the Netherlands celebrates after the Formula One Las Vegas Grand Prix auto race, Saturday, Nov. 22, 2025 in Las Vegas. (AP Photo/John Locher, File)
FILE -McLaren driver Oscar Piastri of Australia, left, and McLaren driver Lando Norris of Britain walk through the paddock after the qualifying session ahead of the Italian Grand Prix at the Monza racetrack in Monza, Italy, Saturday, Sept. 6, 2025. (AP Photo/Luca Bruno, File)
McLaren driver Lando Norris of Britain celebrates after becoming a world champion after the Formula One Abu Dhabi Grand Prix at the Yas Marina Circuit in Abu Dhabi, UAE, Sunday, Dec. 7, 2025. (AP Photo/Altaf Qadri)
MINNEAPOLIS (AP) — Target is investing another $2 billion in its business this year to spruce up and remodel stores among other projects as it tries to turn around a persistent sales malaise and reclaim its authority on style.
The investment, announced Tuesday at its annual investor meeting in at its headquarters in Minneapolis, comes as the discounter reported another quarter of declining sales and profits amid its struggles to regain its footing with customers who are going elsewhere for fashion, home and other needs.
Tuesday's report offered some hope for the business. The company delivered a solid annual profit outlook that was better than Wall Street had been projecting. It also said it believes net sales will grow every quarter this year.
Target said comparable-store sales rose to start the current quarter.
“This is a new chapter, and it's all about growth,” said CEO Michael Fiddelke, a 20-year company veteran who succeeded longtime CEO Brian Cornell last month.
Fiddelke and other executives detailed plans to turn around Target as investors have been hungry for a return to Target’s former dominance in affordable chic for which it earned it the nickname “Tarzhay” in years past.
Target said that its stores will get the biggest refresh this year than they have had in roughly a decade. The company will invest hundreds of millions of dollars for additional store labor and training. And it plans to open 30 new stores and aims to remodel 130 of its existing stores.
In particular, Target is launching a new beauty area called Target Beauty Studio in 600 stores this fall, which will offer upscale beauty products and beauty services. The new area will partly replace its shops with Ulta, which is ending its partnership in August, the company said.
Fiddelke takes over with Target’s hometown of Minneapolis a front line of sorts in President Donald Trump’s campaign to curb illegal immigration. Some of the company’s stores have become a flashpoint in a pushback against U.S. Immigration and Customs Enforcement. The company has faced pressure to take a public stand against the immigration crackdown.
Even before the immigration clashes, Target had been facing protests and boycotts over the company’s decision to roll back its diversity, equity and inclusion initiatives. Critics believe it's a betrayal of Target’s philanthropic commitment to fighting racial disparities and promoting progressive values in liberal Minneapolis and beyond.
That is outside of a volatile economic and political environment that has been intensified by an aggressive trade campaign under Trump. The White House is now seeking a global tariff of 15%, after the U.S. Supreme Court struck down many of the far-reaching taxes on imports that he had imposed over the last year.
While the pace of inflation has cooled, consumer prices have soared about 25% over the past five years. U.S. companies are facing a hazy outlook with American households hurting, and the Trump administration is trying to work around the Supreme Court ruling to keep his duties in place.
And Target customers have soured on what they see as untended and messy stores with lackluster merchandise.
As the company’s nearly 2,000 store locations have become shipping hubs for online operations, customers say the in-store shopping experience has suffered with staff fulfilling digital orders rather than tending to store aisles.
Target is also facing stiffer competition from Walmart, which has stepped up its focus on fashion and other goods. As many Americans trade down because of inflation, Walmart has gained market share, particularly among households with annual income above $100,000.
Fiddelke has already reshuffled the leadership team at Target, boosted spending on in-store store staffing and made cuts at distribution facilities and regional offices, according to a memo sent to employees in February.
Target said it's focusing merchandise category by category and infusing its assortment with new differentiated items to set itself from its competitors. For example, in the home area, 75% of the company's home decorative assortment will be new.
The company is also reworking its store label brands such as its home goods brand called Threshold. It announced a merchandise collaboration with Roller Rabbit, a brand known for its 1960s-inspired silhouettes and colorful playful prints. The collection of clothing, pajamas and accessories is expected to make its debut at Target this month for a limited time.
The company said it's adding more fashion drops this year and using an artificial intelligence tool to better spot trends. In some examples, it's cutting the time frame from a design concept to store shelves to a matter of weeks from over a year, according to Cara Sylvester, Target’s chief merchandising officer.
And in food, the company is hoping to drive more trips by expanding its fresh produce while also offering innovative items. This year, it plans to increase the amount of newness across the assortment by nearly 50%, it said.
The company earned $2.30 per share, or $1.05 billion, for the three-month period ended Jan. 31. That compares with $2.41 per share, or $1.10 billion, during the year-ago period. Adjusted earnings per share for the most recent quarter was $2.44.
Sales fell 1.5% to $30.45 billion during the latest period. For the full year, sales fell nearly 2% to $104.78 billion.
Analysts were expecting $2.16 per share on sales of $30.46 billion, according to a survey by FactSet.
Comparable sales — sales at established stores and online channels — fell 2.5%, followed by a 2.7% dip in the fiscal third quarter. The latest figure marks 11 quarters out of the past 13 that Target has posted either declines or flattish growth for this measure.
Tuesday’s report offered some hopeful signs for the business. Target said that sales and customer traffic accelerated in the final two months of the quarter. And it saw sales growth in food and beverage, beauty and toys for the latest quarter.
Target said that it expects net sales for the year to increase by 2%, which would mean it expects sales to reach $106.88 billion. That’s a bit above analysts’ expectations of $106.7 billion. Target also anticipates earnings per share to be in the range of $7.50 to $8.50. Analysts are expecting $7.30 per share for the year, according to analysts polled by FactSet.
Products sit on display at a Target store, Monday, March 2, 2026, in Edina, Minn. (AP Photo/Anne D'Innocenzio)
Products sit on display at a Target store, Monday, March 2, 2026, in Edina, Minn. (AP Photo/Anne D'Innocenzio)
FILE - The Target logo displayed on a sign outside a store, Nov. 18, 2025, in Salem, N.H. (AP Photo/Charles Krupa, File)
Products sit on display at a Target store, Monday, March 2, 2026, in Edina, Minn. (AP Photo/Anne D'Innocenzio)