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Target Cuts Profit Outlook on $148 Million in Data Breach Costs


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NEW YORK (TheStreet) -- Target  (TGT - Get Report) cut its second-quarter profit outlook, citing costs tied to last year's data breach.

VIDEO TRANSCRIPT:

Shares of Target are sliding in Tuesday trading after the retailer cut its second-quarter profit outlook, citing costs tied to last December's data breach that resulted in stolen customer information.

The company cut its earnings per share for the quarter to about 78 cents, down from its prior guidance range of 85 cents to $1 a share.  Target cited expenses of $148 million related to the breach, partially offset by a $38 million insurance receivable.

In a statement, interim president and chief executive John Mulligan said, "While the environment in both the U.S. and Canada continues to be challenging, and results aren't yet where they need to be, we are making progress in our efforts to drive U.S. traffic and sales, improve our Canadian operations and advance Target's digital transformation."

At last check, shares of Target were falling about 3.6% to $58.51.

In New York, I'm Brittany Umar reporting for TheStreet.

-- Written by Brittany Umar in New York

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