The opinions expressed by columnists are their own and do not represent our advertisers

Friday, August 22, 2014

Target Reports 62% Drop in Earnings, cuts profit forecast

Target Corp. slashed its profit forecast for the year as the retailer struggles with the aftershocks of a massive data breach and a botched expansion into Canada.

The Minneapolis company said reverberations from the breach, in which hackers made off with credit and debit card data from customers, cost it $148 million in its second fiscal quarter, which ended Aug. 2.

Its net income also plunged nearly 62% to $234 million, or 37 cents a share. That's compared with $611 million, or 95 cents a share, a year earlier.

Chief Executive Brian Cornell, who took the helm at the nation's third-largest retailer this month, said Target needed "a sense of urgency."


1 comment:

Gerald said...

Then there is the boycott of it's stores by gun owners for it's stupid policy on "No Gun" allowed.