Target announced it will invest an additional $2 billion this year to remodel stores, open 30 new locations, enhance staffing and training, and expand technology as it works to reverse declining sales.

Speaking at the company’s Minneapolis headquarters, new CEO Michael Fiddelke outlined plans to refresh merchandise in key categories like fashion, home and food, including launching a Target Beauty Studio concept in 600 stores.

The investment follows another quarter of falling sales and profits, though Target offered a stronger-than-expected annual profit outlook and said sales have recently begun to stabilize.

Executives acknowledged challenges including inflation, political tensions, store-condition complaints and stronger competition from Walmart, CBS News has reported.

Despite 11 declines in comparable sales over the past 13 quarters, Target expects sales to grow about 2% this year, and shares rose after the upbeat forecast.