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NEW YORK — Looks like Target Corp. will be feeling the financial pain for a while from the theft of credit card numbers and other information from millions of its customers.
The nation’s second largest discounter said Wednesday that its profit in the fourth quarter fell 46 percent on a revenue decline of 5.3 percent as the breach scared off customers worried about the security of their private data.
While Target said sales have been recovering since the breach was disclosed in mid-December, the company expects business to be muted for some time: It issued a profit outlook for the current quarter and full year that was below Wall Street estimates.
The results come more than two months after Target disclosed that personal credit card data from millions of Target customers was stolen by hackers who targeted credit card terminals in its stores.