Target 1Q profit falls 16 pct as breach takes toll
Source: AP-EXCITE
By ANNE D'INNOCENZIO
NEW YORK (AP) — Target cut its annual profit outlook Wednesday and said its first-quarter earnings fell 16 percent as it took another hit from a massive customer data breach and a troubled expansion in Canada.
The third-largest U.S. retailer, based in Minneapolis, also issued a second-quarter projection that was below analysts' expectations.
Still, there were some encouraging signs. Target said that it saw significant improvement in a key revenue metric after the drop it experienced shortly after the data breach that compromised the credit card and personal information of millions of customers and exposed big security flaws.
The news comes a day after the retailer fired the president of its troubled Canadian operation and two weeks after the abrupt departure of Target CEO Gregg Steinhafel.
FULL story at link.
Read more: http://apnews.excite.com/article/20140521/earns-target-ee5c172d13.html
FILE -- In this Dec. 19, 2013 file photo, shoppers arrive at a Target store in Los Angeles on Thursday, Dec. 19, 2013. Target reports quarterly financial results on Wednesday, May 21, 2014. (AP Photo/Damian Dovarganes, File)
We purchased something yesterday at Target. It was our first purchase there since the credit card thing became public.
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