Dec. 23, 2013, 3:55 AM
- The number of transactions at Target (TGT) stores slid 3-4% at the weekend compared with the same pre-Christmas period last year, retail consultancy Customer Growth Partners estimates.
- The fall comes after Target disclosed that hackers accessed the information on up to 40M payment cards between Nov. 27 and Dec. 15 by infiltrating swipe machines at checkout counters.
- The drop may be part of an overall trend: RetailNext estimates that sales fell by a mid-single-digit percentage at brick-and-mortar stores on Friday and Saturday, although that doesn't include online sales. Store visits tumbled 7%. In response, retailers have been offering heavy discounts in order to lure shoppers.
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Dec. 22, 2013, 3:44 AM
- Investigators believe that the hackers who carried out a massive cyber attack on Target (TGT) were from abroad, a source tells Reuters reports, although the source didn't say from which country.
- In response to the breach, in which the thieves gained access to up to 40M payment cards, JPMorgan (JPM) has said that customers using Chase branded debit cards at Target during the period of the breach - from November 27 through December 15 - will be temporarily restricted to daily cash withdrawals of $100 and purchases of $300 while the bank reissues cards. The usual amounts are $200-500 and $500 respectively.
- Described as a precaution, the limits are the first from a major bank and they affect 2M accounts.
Dec. 20, 2013, 5:30 PM| 4 Comments
Dec. 20, 2013, 2:40 PM
- Target (TGT +0.5%) says that it doesn't believe PIN numbers of Target cardholders have been compromised in the massive security breach the retailer disclosed earlier this week.
- The company also says customer date of birth and social security numbers weren't part of the data leak.
- Not all Target cardholders at risk have been notified just yet, the process should be completed by the end of the weekend.
- Only a "few" cases of actual fraud have been reported so far, says Target.
- Previous: Did Target fiddle while its security breach burned?
Dec. 20, 2013, 1:17 PM
- Target (TGT +0.6%) is taking a little bit of heat for the length of time it took to report on a major security breach of credit and debit account data.
- In the past, some companies have heard from state AGs over the issue as data breach notices are now part of the law in 46 states.
- The catch is that most of the laws aren't very specific, but only say notice to consumers must be made in a "reasonable" amount of time. Defining reasonable is tricky.
- Shares of Target are on the mend today with more retail watchers noting high-profile breaches at other firms such as TJX Companies and Barnes & Noble were outlived.
Dec. 19, 2013, 1:06 PM
- Stolen Target (TGT -2.1%) credit and debit card information is being sold on underground sites for $44 an account, according to Bank Technology News.
- The nature of the security breach is very sophisticated and could be a wake-up call for both issuers and retailers, warns security expert Brian Krebs.
- The company is still hopeful it can unwind the hack to prevent having to cancel and re-issue a huge amount of cards.
- The impact on Target is still being debated (no big deal, big deal) by analysts, but either way the company is the unenviable position of having to warn customers they need to diligently check their activity for fraud. Target debit card holders with accounts tied to bank accounts have a bigger exposure than credit card customers.
Dec. 19, 2013, 8:43 AM
- Target's (TGT) letter to customers it believes may have been impacted by a major security breach suggests a dangerous amount of information is at risk.
- Cardholders are being told their name, credit or debit card number, and the expiration date plus three-digit security code of their cards are all potentially part of the data breach.
- The company says credit and debit cards can still be used, but consumers need to monitor activity.
- TGT -1.65% premarket to $62.59 after having a strong day yesterday on some taper relief.
Dec. 19, 2013, 7:49 AM
- Target (TGT) confirms the reported security breach of 40M credit and debit card accounts.
- The company says the accounts might have been impacted between November 27 and December 15 - not just during the Black Friday weekend.
- The U.S. Secret Service says it's one of the agencies investigating the issue.
- Ground zero for details on the Target breach is the Krebs on Security blog which was one of the first sources to break the story.
- Shares of Target were 0.4% lower in AH trading yesterday and could see a jolt this morning due to concerns the timing of the story could have a minor impact on online sales or store traffic in the last few days before Christmas.
Dec. 18, 2013, 6:40 PM
- An unknown number of Target (TGT) customers shopping during Black Friday weekend had their credit card information stolen in an "extensive" breach of the retailer's security, WSJ reports.
- The theft may have occurred through software installed at machines customers use to swipe their cards when paying, sources say.
- TGT -0.3% AH.
Dec. 13, 2013, 2:37 PM
- Visa (V +1.6%) and MasterCard (MA +1%) tick higher after a U.S. federal judge approves the $5.7B class-action settlement that ended years of litigation over allegations that credit card swipe fees are improperly fixed.
- The settlement has been opposed by merchant trade groups and big-box retailers such as Wal-Mart (WMT -0.7%) and Target (TGT -0.9%), which say it won't prevent the fees from rising in the future and gives too much leeway to the card companies.
Dec. 13, 2013, 10:19 AM
- Nobody knows toys like Lego which means anxiety emanating from the Denmark-based company might be cause for concern amongst retailers.
- Though consumers have stepped up spending on automobiles, housing, and electronics - the early reads on holiday spending have been poor.
- Lego CFO John Goodwin says this year is the "greatest stress test" the company has seen as it banks on the theory that consumers will shop late and shop often this holiday season.
- He adds it's difficult to ascertain why consumers are holding off so much this year.
- Retailers carving out a decent amount of space for Lego include Kmart (SHLD), Target (TGT), Wal-Mart (WMT), and Barnes & Noble (BKS).
Dec. 12, 2013, 3:22 PM
- The unexplainable toy juggernaut that is known as Elf on the Shelf is showing massive sales gains again at retail outlets as the little red-adorned feller becomes even more entrenched as a holiday season tradition for households with children.
- A self-financed book by a mother and daughter team in 2005 has evolved to a retail winner with more products and tie-ins being developed. One online British retailer reports sales gain of 900% for Elf on the Shelf products this year.
- Target (TGT), Pottery Barn (WSM), and Barnes & Noble (BKS) get a piece of that action as preferred retailers with expanded kiosks.
Dec. 6, 2013, 9:09 AM
- An exit from Canada by Big Lots has more to do with local players than the emergence of Target (TGT) in the region, say retail analysts.
- The company cited the "execution risk" of turning its Canadian business around which is also in the background for Target as it invests heavily.
- Early RedCard penetration has been impressive for Target, but some missteps by management with pricing and inventory have foiled progress.
- Previous on Target and Canada: Will the retailer only get one bite at the apple?
Dec. 5, 2013, 11:27 AM
- Target (TGT -1%) slips after BofA tags the retailer with an Underperform rating.
- The investment firm takes some shots at Target for its margin-diminishing RedCard program and hiccups in Canada.
- The quibbles with the company's progress in Canada are nothing new, but the tone is getting more strident as of late. Some analysts thinks Target only gets one bite at the apple with consumers in the nation - one that they have missed by marking themselves as a pricier option to local chains.
- Shares of Target have peeled off 15% since their July highs which bulls say makes for a nice entry point.
Dec. 5, 2013, 6:47 AM
Dec. 3, 2013, 3:43 AM
- Cyber Monday Internet sales climbed 16% from last year to a record $2.29B, Adobe estimates, with Internet transactions for the five-day Thanksgiving shopping period jumping 26% to $7.4B.
- Sales from mobile devices soared 80% yesterday and accounted for 18.3% of the total.
- "This is the first holiday season where mobile is absolutely having its mark on overall retail sales, whether that's from a smartphone or a tablet," says JMP Securities analyst Ron Josey
- The National Retail Federation expects Internet transactions to grow 15% to $82B this holiday season, much faster than the 3.9% increase that the NRF projects for total sales.
- More on Thanksgiving and Black Friday sales.
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