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Target's Data Breach Expenses Estimated at $148 Million in Second Quarter
Aug 5, 2014
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Target Corp. expects its second quarter financial results to include gross expenses of $148 million related to the December 2013 data breach. This is partially offset by a $38 million insurance receivable. Target made the announcement on August 5, 2014.

Hackers breached Target's network in late 2013 and stole the personal data, including credit card information, of millions of customers. The news of the theft was widely reported at the time and negatively impacted Target sales during the crucial holiday shopping season.

Second quarter 2014 expenses from the theft include an increase to the accrual for estimated probable losses for what the company believes to be the vast majority of actual and potential breach-related claims, including claims by payment card networks. The company also said that a number of factors add uncertainty to their estimates.

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