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Target misses estimates as it recovers from breach

Target Corp., struggling to rebound from last years hacker attack and a botched Canadian expansion, posted first-quarter profit that missed analysts estimates and cut its annual forecast.

By Renee Dudley | Updated on May 21, 2014
(AP Photo/Chris O'Meara)
May 21 (Bloomberg) — Target Corp., struggling to rebound from last year’s hacker attack and a botched Canadian expansion, posted first-quarter profit that missed analysts’ estimates and cut its annual forecast.

Net income fell 16 percent to $418 million, or 66 cents a share, from $498 million, or 77 cents, a year earlier, the company said today in a statement. Analysts had projected 71 cents on average, according to data compiled by Bloomberg. Still, same-store sales didn’t decline as much as predicted, signaling to investors that a comeback may be under way. The stock rose less than 1 percent today in New York trading.

Target is trying to regain its footing as it searches for a new chief executive officer, revamps its Canadian division and copes with the theft of 40 million payment-card numbers by hackers. The second-largest U.S. discount retailer appointed John Mulligan as interim CEO earlier this month and yesterday named Mark Schindele as the new top executive for Canada.

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