Target pins $148 million price tag on data breach
Tuesday, August 05, 2014 3:09 PM
Target Corp., in reporting its quarterly results today, said its massive data breach over the holiday season will cost about $148 million, MarketWatch reported. The company also revised its earning outlook to 78 cents per share, down from its earlier prediction of 85 cents to $1 a share. Target said promotional markdowns at its U.S. stores and softer-than-expected sales in Canada account for the new forecast. Forbes said insurance will cover $38 million of data breach expenses.