Target quarterly profits to exceed expectations despite data breach


Piper Jaffray Cos. on Thursday increased its fourth-quarter sales estimate for Target Corp.

Piper said it now expects Target's same-store sales to increase by 1.5 percent for the quarter. That's an increase from its previous forecast of flat sales, even after the recent credit card data breach at the Minneapolis-based retailer.

According to the Minneapolis St. Paul Business Journal, Piper points to improved customer sentiment in December. The electronics category was particularly strong especially with the launch of the PlayStation 4 and Xbox One gaming consoles.

Piper said that consumers appear to have "responded well" to Target's holiday offerings.

Target offered shoppers a 10 percent discount the weekend before Christmas, after news of the massive data breach that affected nearly 40 million customer credit and debit cards.

Some affected customers have even filed lawsuits against Target.

Analyst Sean Naughton told the Associated Press even with those setbacks, Target was on track for its biggest gain in a year for the key sales measure. Naughton's prediction is based partly on Target allowing shoppers to buy things online then pick them up at the store, which he said was well received.

On the news, shares of Target closed out at $63.27 and the company's stock is up 8 percent over the last 12 months.

Next Up


Gov. Walz announces $1M in grants to boost Minnesota tourism

The money will be used for marketing efforts to attract people to Minnesota's hard-hit tourist spots.

coronavirus, ICU

Nov. 25 COVID-19 update: 72 deaths ties Minnesota's single-day high

A COVID-19 update will not be provided on Thanksgiving Day.


Revival to open its fourth Twin Cities location

The fried chicken and smoked meat maestros are moving to St. Louis Park.

Duluth and Case Recreation Center

St. Paul to open two extra temporary shelters for homeless people

Mayor Melvin Carter announced the new shelters will be opened in the event of excess demand.

vote, election

Minnesota once again had the highest election turnout in the country

Amid the COVID-19 pandemic, a record percentage of voters also sent in absentee ballots.

court gavel

Minneapolis man sentenced to 30 years for death in robbery gone wrong

James Moore was sentenced in the death of Malik Smith.

Em1jOWyWEAwspXK (1)

St. Paul homicide suspect arrested by FBI in Chicago

A 34-year-old Minneapolis man was killed in the Nov. 14 shooting.

Sanford Health

Sanford Health 'parts ways' with CEO after his face mask comments

Kelby Krabbenhoft had been with the company since 1996.

closed sign

What's open and closed in Minnesota on Thanksgiving Day 2020?

Most services will not be running on Thursday and unlike most years, many stores will be closed, too.


How a turkey's brush with celebrity in Bloomington came to a tragic end

DNR: if you care about wild animals, stop feeding them