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Data-breach costs take toll on Target profit
New York (AP) - Target said the massive data breach during the holiday season helped push its profit down 46 percent.
The discount retailer said sales fell 5.3 percent as the breach scared off customers.
Target said it earned $520 million, or 81 cents per share, for the three-month period that ended Feb. 1. That compares with a profit of $961 million, or $1.47 per share, a year earlier.
Revenue fell to $21.5 billion from $22.7 billion.
The company has offered a profit outlook for the current quarter that is below Wall Street estimates.