Target CEO Brian Cornell reiterates forecast, apologizes to customers for ‘disappointing’ weekend

Brian Cornell, CEO of Target

Ashlee Espinal | CNBC

Target CEO Brian Cornell apologized to customers for a disappointing weekend after the company experienced outages that shut down its cash registers and credit-card processors for several hours.

There was no impact to the company’s earnings forecast as a result of the outage, said Cornell in an interview on Wednesday with CNBC’s Becky Quick.  

In May, Target said it expected same-store sales to rise at a low-to-mid-single digit percentage for the year, with a mid-single digit increase in operating income, while adjusted earnings per share would fall within a range of $ 5.75 to $ 6.05.

On Saturday afternoon, registers at Target stores shut down for roughly two hours due to an unspecified “internal technology issue.” The next day, credit-card payments processing was down at some stores for around 90 minutes as its payment processing company NCR experienced technical issues at a data center. Target has said the two issues were unrelated.

As of Tuesday’s market close, Target’s stock, which is valued at $ 45 billion, and has risen more than 30% since the beginning of the year. The cash register glitch has weighed on Target shares since the weekend.

This is a breaking news story. Please check back for updates.

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