May 21 (Bloomberg) — Target Corp., struggling to rebound from last year's hacker attack and a botched Canadian expansion, posted first-quarter profit that missed analysts' estimates and cut its annual forecast.

Net income fell 16 percent to $418 million, or 66 cents a share, from $498 million, or 77 cents, a year earlier, the company said today in a statement. Analysts had projected 71 cents on average, according to data compiled by Bloomberg. Still, same-store sales didn't decline as much as predicted, signaling to investors that a comeback may be under way. The stock rose less than 1 percent today in New York trading.

Target is trying to regain its footing as it searches for a new chief executive officer, revamps its Canadian division and copes with the theft of 40 million payment-card numbers by hackers. The second-largest U.S. discount retailer appointed John Mulligan as interim CEO earlier this month and yesterday named Mark Schindele as the new top executive for Canada.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Voluntary Benefits
Defined Contribution
Retirement Trends