Target Corp. reduced its annual profit outlook Wednesday while reporting second-quarter earnings that plunged from a year earlier.
The earnings report showed the Minneapolis, Minn.-based company is still struggling to recover from a massive data breach last year. Target said the data breach cost it $148 million in the second quarter, which ended Aug. 2.
The company said it now forecasts annual adjusted earnings to range from $3.10 to $3.30 per share. That’s down from its previous guidance of $3.60 to $3.90.
Target reported a second-quarter profit of $234 million, or 37 cents per share, down from $611 million, or 95 cents, a year earlier. Revenue...