This article was last updated on April 16, 2022
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After reporting a 16 percent decline in its first-quarter profit, Target Corp. has shown signs of progress in its plan to rebuild customer confidence in light of the recent large-scale theft of payment card data and a botched expansion into Canada. The company fired both its chief executive and the head of its Canadian operation in its bid to regain its footing.
Target Corp. reported a 0.3 percent drop in U.S. same-store sales, although analysts expected a fall of 1.1 percent, according to a poll by research firm Consensus Metrix. Target shares were up 0.7 percent before the bell. The company mentioned in a statement that the “traffic was dramatically better than our late fourth-quarter trends.” During an interview with reporters, interim Chief Executive John Mulligan revealed that traffic improved throughout February and was “relatively strong” in March despite the harsh weather that other retailers have blamed for weak sales. However, he added that even though the company is “pleased with this momentum”, more needs to be done. He said that “we are not where we need to be (in Canada).”
The company’s chief financial officer, Mulligan, took over Gregg Steinhafel’s position after he was ousted due to a data breach during the holiday shopping season, which resulted in the theft of at least 40 million payment card numbers and 70 million other pieces of customer data. Steinhafel was also the one to oversee Target’s bungled push into Canada, where the company lost almost $1 billion last year after opening 124 stores in an unprecedented expansion that caused supply chain and other operational problems.
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