Target Reports 16% Drop in Earnings, Report

Target Corp.’s profit fell 16% as the retailer ramped up discounts to win shoppers back after its massive data breach and as losses mounted at its Canadian operation, highlighting the depths of the challenges that forced out Chief Executive Gregg Steinhafel earlier this month.

Adjusted earnings, excluding costs due the breach and other one-time items, were 70 cents per share, which fell just 1 cent below analyst estimates.

Target’s net earnings were $418 million, or 66 cents a share this year. In the same period last year, earnings reached $498 million, or 77 cents a share.

Agencies/Canadajournal