Target lowers forecast citing data breach costs

Aug 05, 2014

Target is lowering its forecast for its second quarter because of costs related to a massive data breach and the repayment of debt.

The Minneapolis-based retailer also said it expects sales to be flat at established locations in the U.S., as "guests continue to spend cautiously and focus on value." Its shares fell more than 4 percent in premarket trading.

Target Corp. now expects to earn around 78 cents per share for the quarter, excluding one-time items, down from the 85 cents to $1 per it previously .

The company has been reeling since it announced in December that hackers stole millions of customers' credit- and debit-card records. Target, which is facing a number of other internal issues, last week named PepsiCo executive Brian Cornell as its CEO.

Explore further: ISS seeks ouster of most of Target's board

Related Stories

ISS seeks ouster of most of Target's board

May 28, 2014

A prominent proxy advisory firm has recommended that Target shareholders vote out seven of its 10 board members after a massive pre-Christmas data breach.

Target faces big costs related to security breach

Feb 26, 2014

(AP)—History doesn't always repeat itself. The hit to TJX Cos. was minimal after it disclosed in 2007 a massive data breach of customer information at its T.J. Maxx, Marshalls and HomeGoods stores.

WellPoint's 3Q profit falls 5 pct, forecast climbs

Oct 23, 2013

WellPoint says its third-quarter earnings fell 5 percent, but the nation's second-largest health insurer raised its forecast for 2013, citing in part gains it expects from the health care overhaul.

Merck 2Q profit more than doubles

Jul 29, 2014

A big one-time gain and a tax benefit helped drugmaker Merck & Co. more than double its second-quarter profit, raise the lower end of its profit forecast and easily top analysts' expectations.

Recommended for you

Taiwan factory workers win $18 mn over cancer deaths

17 hours ago

Workers from a factory in Taiwan which leeched toxic chemicals they say resulted in 200 deaths from cancer and more than 1,000 other cases of the disease won a Tw$564.45 million ($18 million) payout from US electronics company ...

Court monitor: Apple antitrust cooperation has 'declined'

Apr 17, 2015

Apple Inc.'s cooperation with efforts to improve its compliance with antitrust laws after a federal judge concluded it colluded with electronic book publishers to raise prices five years ago took on an "adversarial tone" ...

SEC questions LA Unified on use of bonds for iPad project

Apr 17, 2015

The Securities and Exchange Commission recently questioned Los Angeles Unified School District officials as part of informal inquiry into whether they properly used bond funds for a beleaguered $1.3 billion project to provide ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.