Target Q4 Comps Projected to Decline; Provides Update on Data Breach
January 10, 2014,
MINNEAPOLIS-Target said it now expects fourth-quarter same-store sales to fall 2.5 percent, and added that it is continuing its investigation of the data breach of customer payment information.
The retailer said its comparable-store estimate is based on what proved to be stronger-than-expected fourth-quarter sales prior to its announcement of the data breach on Dec. 19, followed by "meaningfully weaker-than-expected sales" since that date. Same-store sales are also expected to fall from 2 to 6 percent for the remainder of the quarter.
As part of its investigation of the data breach, Target said it is offering one year of free credit monitoring and identity-theft protection to all shoppers in its U.S. stores. Consumers will have three months to enroll in this program.
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