Target Lowers Second Quarter Forecast
Target Corp. the Minneapolis-based retailer has had unending troubles since it declared that hackers have stolen the credit and debit card records of millions of its customers in December. The theft along with denting the chain's reputation ate into its profits and initiated several legal actions.
That is not about all, Target is also facing problems on some other grounds as well which include the observation that prices at its stores are higher than those being charged at Wal-Mart Stores Inc.
The retail chain has lowered its forecast for the second-quarter, attributing them to promotional discounts which it had offered to its customers in anticipation to attract more number of shoppers.
On Tuesday it said the gross expenses related to the colossal data breach in the last winter is expected to come close to $148 million, which will be counterbalanced by an insurance of $38 million. The company also compensated $1 billion to adjust $725 million in debt.
The company named Brian Cornell the PepsiCo executive last week as its new chief executive officer in hopes that he will be able to steer the company to a stable path. Mr. Cornell who will start working with the company from coming Tuesday will be the first ever outsider to sit in the top at the company's helm.
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