August 5, 2014 / 12:28 PM / 4 years ago

Target cuts second-quarter earnings estimate

Aug 5 (Reuters) - Target Corp cut its second-quarter earnings estimate, citing costs related to the data breach last year and higher promotions and discounts in North America.

Target’s shares fell 4.4 percent to $58 in premarket trading on Tuesday.

The third-largest U.S. retailer also said same-store sales were flat in the United States and sales were weak in Canada in the quarter ended July.

Target said profit was hurt by $148 million in costs related to the data breach during the 2013 holiday season.

The company estimated earnings of about 78 cents per share for the quarter, lower than its prior forecast of 85 cents to $1.00 per share. (Reporting by Siddharth Cavale in Bangalore; Editing by Savio D’Souza)

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