Target data breach hits chain’s profits

Target Corp. announced on Wednesday that the theft of customers’ credit card information and other personal dataduring the 2013 holiday shopping season resulted in a 46 percent drop in fourth-quarter profit and a 5.3 percent dip in revenue, adding that the episode may cost the company even more.
In December, personal data from millions of Target customers was stolen by hackers who targeted the retailer’s credit card terminals. The incident scared shoppers away and caused stock value to drop about 10 percent.
The retailer, based in Minneapolis, said it earned $520 million, or 81 cents per share, for the three months that ended Feb. 1. That compares with a profit of $961 million, or $1.47 per share, a year earlier.

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(Photo: Joe Raedle/Getty Images)

Target data breach hits chain’s profits

Target Corp. announced on Wednesday that the theft of customers’ credit card information and other personal dataduring the 2013 holiday shopping season resulted in a 46 percent drop in fourth-quarter profit and a 5.3 percent dip in revenue, adding that the episode may cost the company even more.

In December, personal data from millions of Target customers was stolen by hackers who targeted the retailer’s credit card terminals. The incident scared shoppers away and caused stock value to drop about 10 percent.

The retailer, based in Minneapolis, said it earned $520 million, or 81 cents per share, for the three months that ended Feb. 1. That compares with a profit of $961 million, or $1.47 per share, a year earlier.

Read more

(Photo: Joe Raedle/Getty Images)