Target, Inc.

Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.

Boston -- Walmart continues to maintain its basket price advantage over Target, according to Kantar Retail’s semi-annual pricing study. But while Walmart maintained its lower-priced basket – with a leap even further ahead in non-edible grocery – the retailer’s basket was still only 1% less expensive than Target’s, the smallest price gap since the June 2012 study.  
 

Indianapolis -- Moms Demand Action for Gun Sense in America launched a national campaign on Monday calling on Kroger Co. to prohibit the open carry of guns in its supermarkets. The gun control advocacy group was founded in response to the Sandy Hook school shooting and has partnered with billionaires Michael Bloomberg and Warren Buffett.

The Moms Demand Action campaign, which includes a petition to Kroger, follows similar actions aimed at Target, Chipotle, Sonic, Chii’s and Jack in the Box.

Mississauga, Canada -- Target Canada is launching several initiatives to improve business performance and better deliver the Target brand experience to Canadian customers. Among the initiatives are a partnership with interior designer and TV host Sarah Richardson, who will launch an exclusive home décor line at Target Canada in fall 2015.

New York -- Target Corp. has added its name to a legal defense of gay marriage. The move comes four years after the company was criticized for supporting a strident opponent of same-sex unions.

Target signed a court brief backing marriage equality in a pending court case and publicly declared its support of gay marriage, joining the likes of Starbucks, Apple and Intel.

Minneapolis – Target Corp. is reducing its earnings guidance for the second quarter of fiscal 2014 due to the expected $138 million financial impact of its December 2013 data breach, partially offset by $38 million in insurance. Target now expects EPS for the quarter within a range around $0.78, compared with prior guidance of $0.85 to $1 per share.

Target Corp. is running a Q&A with its new chairman and CEO, Brian Cornell, on its in-house, behind-the-scenes blog, A Bullseye View. The interview was conducted by the Bullseye View team.

You are the first CEO who has been hired from outside of Target. What are the benefits of coming in from the outside? What will be some of the challenges?

Madison, Wisconsin -- Hilldale, a 675,000-sq.-ft. center in Madison, Wisconsin, is preparing to launch a major redevelopment that will add 53,000 sq. ft. of new retail and restaurant space built in an outdoor streetscape. As part of the redevelopment, Kate Spade New York, Lucky Brand, Michael Kors and Sperry Top-Sider will join the existing roster of national and local retailers, restaurants and specialty boutiques. The center is owned and operated by WS Development, Chestnut Hill, Massachusetts.