Target earnings fall 16% as fewer shoppers visit

Target Corp. said its earnings fell 16 percent as fewer shoppers visited stores and losses from its Canada expansion mounted, highlighting the depths of the problems faced by the retailer that ousted CEO Gregg Steinhafel earlier this month.

According to MarketWatch, the massive data breach that hit Target stores during the holiday season continues to adversely affect the chain. Traffic to its stores fell for a sixth straight quarter.

For the quarter ended May 3, Target reported net income of $418 million, down from $498 million a year earlier. Revenue rose 2.1 percent to $17.05 billion.

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