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."

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