Gregg Steinhafel

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. 


Following Target's massive data breach last year, the company's chief executive is out. Gregg Steinhafel, the company's president and CEO for the past six years, has resigned.

Target reported Wednesday a first quarter profit of $697 million, up from $689 million the same time last year. 

"We're very pleased with our first quarter earnings, which benefited from better-than-expected sales,"

Target Thursday posted a profit of $981 million, a drop of 5.2 percent from the $1.04 billion figure the same time last year.

Target's first quarter profit rose 2.7 percent, thanks largely to strength in the company's credit card business, the company said Wednesday.

Retailer Target reported earnings of $678 million for the quarter ended July 31, compared with $594 million during the same period in 2009. But Gregg Steinhafel, Target’s chairman, president and CEO, certainly didn’t credit home entertainment with the increase in profits.

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