Target is still not able to estimate the cost of the data breach that affected tens of millions of customer's credit cards, and may not know until late in the second quarter or early third quarter, interim CEO John Mulligan told CNBC's "Street Signs" on Wednesday.
"We're in a place when it comes to the data breach where we don't have visibility yet to potential third-party liabilities and operating expenses they've incurred," said Mulligan, also the company's chief financial officer.
On Wednesday, the nation's third-largest retailer reported first-quarter earnings excluding items of 70 cents per share, down from 82 cents per share in the year-earlier period. However, revenue was better than expected, rising to $17.05 billion from $16.71 billion.
Analysts had expected earnings of 71 cents per share on $17.01 billion in revenue, according to a consensus estimate from Thomson Reuters.