Target Shareholders Reject Ackman's Board Nominees

Target's shares were little changed, slipping 46 cents, or 1.2 percent, to close Thursday at $39.14, the midpoint of its 52-week range of $25 to $59.55. The cheap-chic retailer's stock price has stumbled and its same-store sales slid as shoppers focus on basics during the recession.

New York-based retail consultant Walter Loeb, who didn't attend the meeting, was pleased with the vote.

"I believe that Target's board has shown a strong purpose and direction, and I think it would have been disruptive if Ackman would have had these people," Loeb said.

He said the fight between Ackman and Target increased pressure on Target to expand its food offerings, an area where it has lagged Wal-Mart, which has fared better during the recession.

Target Chief Executive Gregg Steinhafel told reporters Target did not put any work on hold, but he is glad he can now refocus on the business — especially the effort to add more food offerings.

"It's a challenging environment, and many retailers are struggling," he said. "Our same-store sales are not where we'd like them to be, and I'm excited at re-engaging in our business and taking it to the next level."