Target Corp. will be feeling the financial pain for a while from the theft of credit card numbers and other information from millions of its customers during the holiday shopping season.
The retailer said that its fourth-quarter profit slumped 46 percent. It reported that revenue slipped 5.3 percent as the breach scared off customers.
“We will continue to work tirelessly to win back the confidence of our guests,” CEO Gregg Steinhafel said.
The data breach occurs on top of other woes, including sluggish sales in America and a disappointing foray into Canada. The retailer said it earned $520 million for the three months that ended Feb. 1. That compares with a profit of $961 million a year earlier.
