Updated: 08/20/2014 6:21 PM
Created: 08/20/2014 6:12 PM KSTP.com
By: Joe Augustine
Target shareholders are expected to make less money in 2014. The Minneapolis-based retailer released its second-quarter results Wednesday. Sales were flat and profit earnings were down 62 percent, when including costs of the massive data breach.
Target announced a data hack in the middle of the holiday season which put the information for millions of customers at risk.
That breach cost Target $111 million. The company hopes expenses for the majority of breach-related claims have already been settled.
New company leadership, including new Chief Executive Officer Brian Cornell, will now focus on increasing sales.
A company spokesperson says, overall sales trends are positive and customer traffic has increased in recent months.
"It doesn't surprise me that they'll have a bad quarter or two," said. Dr. Dave Vang, an economist at the University of St. Thomas,.
Vang believes the long-term outlook for Target is still positive.