Target Cites Millions in Expenses Related to Payment Card Breach

Target Corp. expects its second-quarter financial results to include $148 million in gross expenses related to the large payment card breach it reported in late 2013, according to an Aug. 5 company statement.

The gross costs of the breach are, however, expected to be partially offset by $38 million in insurance coverage, the retailer said in the statement providing preliminary information on its financial performance.

In December 2013, Target announced that hackers had accessed data for 40 million of its customers’ debit and credit cards 01 DER EE-5, 1/2/14.

Target’s new statement on the costs of the data breach ...