Target Says Cyber Crime Doesn’t Count When It Reports Earnings

The practice of companies using their own, non-GAAP accounting standards to spin earnings is nothing new. But did last week's statement from Target Corporation (NYSE:TGT) go too far?  The Minneapolis-based retailer’s spokesman Eric Hausman was quoted as saying it will exclude from its accounting statements costs from a recent technology breach where 40 million of its customer credit and debit card accounts were hacked and customer’s private information stolen.

Slowdown in Target's traffic and credit card sales

The key question is: are these really one-time charges?  Is there any residual, lasting impact on the Target...