Target earnings off sixteen percent

Target earnings off sixteen percent Click to Enlarge Photo:

May 21, 2014 at 7:18 am

NEW YORK (AP) — Target is reporting a 16 percent drop in first-quarter earnings as a massive customer data breach and troubled expansion plans in Canada continue to batter the retailer.

The third-largest U.S. retailer also reduced its annual profit outlook.

The news comes a day after the retailer fired the president of its troubled Canadian operation and two weeks after the abrupt departure of its CEO.

Target says it earned $418 million, or 66 cents per share, in the quarter ended May 3. That compares with $498 million, or 77 cents per share, a year earlier.

Adjusted earnings were 70 cents per share.

Revenue rose 2.1 percent to $17.1 billion.

Analysts had expected earnings of 71 cents on revenue of $16.97 billion.

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