Target lowers forecast citing data breach costs

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

Related Stories

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

October 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.

Target faces big costs related to security breach

February 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.

Merck 2Q profit more than doubles

July 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

Netherlands bank customers can get vocal on payments

August 1, 2015

Are some people fed up with remembering and using passwords and PINs to make it though the day? Those who have had enough would prefer to do without them. For mobile tasks that involve banking, though, it is obvious that ...

0 comments

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.