Target earnings drop in wake of data breach

MGN Online
Wednesday, May 21, 2014 - 9:22am

Target disclosed another steep drop in profits on Wednesday. The results and gloomy forecast for the rest of the year highlight the difficult challenges facing the discount retail giant.

Earlier this month the company announced the exit of CEO Gregg Steinhafel amid lackluster recent performance. Target did not give any update on its search for a successor to Steinhafel.

The company's stock has dropped almost 11% so far this year, including 3% on Tuesday.

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