Target CEO Brian Cornell told investors that the company doesn’t expect a big hit from its nationwide checkout issues over the weekend. He also apologized for the inconvenience it caused customers.
The temporary technical issues put checkout scanners out of commission during two peak shopping hours Saturday. There was a separate brief issue Sunday with an NCR system. The Saturday episode had to do with a glitch in standard maintenance, he said.
During a Wednesday morning appearance on CNBC’s Squawk Box, Cornell called it “a disappointing weekend” for Target’s stores and customers. Fortunately, the problem was fixed quickly, and more important, there was “no data breach,” he said.
The issue hit all 2,000 Target stores, including 48 in Dallas-Fort Worth. Shoppers were mostly patient, entertained by their phones, and many stayed to check out by having barcode numbers entered one at a time. Others abandoned carts that employees had to tend to afterward.
Analyst estimates put Target’s loss of sales from the weekend at $50 million to $100 million. But Cornell played down the cost of the scanner outage, saying the company hasn’t changed its outlook for the second quarter.