Target Posts Reduced Profit

Target, still coming off both last year’s data breach and the recent departure of CEO Gregg Steinhafel, on Wednesday posted a profit of $418 million, which represented a drop from $498 million the same time the year before.

Revenue rose 2.1 percent.

“First quarter financial performance in both our U.S. and Canadian Segments was in line with expectations, reflecting the benefit of continued recovery from the data breach and early signs of improvement in our Canada operations,” John Mulligan, Interim President and CEO as well as CFO of Target, as part of the release.

“While we are pleased with this momentum, we need to move more quickly. As a result, we have made changes to our management team and are investing additional resources to drive U.S. traffic and sales, improve our Canadian operations and advance our ongoing digital transformation.”

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