WALGWELLS (Reuters) – Walgreen Inc’s stock price has dropped 6.6 percent on Wednesday as the retail giant struggles to find a solution to a major data breach that has exposed more than 70 million credit card details and sent millions of customers scrambling to buy goods from overseas.
In a report on its website, the company said its quarterly earnings fell 7 cents, or 0.2 percent, to $3.98 a share.
That was down from a $4.06 a share gain on Thursday.
Analysts surveyed by Thomson Reuters had expected a profit of $4 a share, according to data compiled by Bloomberg.
The company also reported its full-year earnings fell 9 cents, to 1.7 billion shares.
Walgills stock is down 13 percent so far this year.
A Walgill spokeswoman said the company had not yet issued a statement.
The company has been working to address its data breach, the spokeswoman said, adding that it would announce an interim solution in the coming days.
Walgreens has already begun a voluntary buyback program, which has given some of its stores a boost and made some stock available for sale.
The data breach has rattled the U.S. financial services industry, which saw an 11 percent drop in revenue for the quarter, a sign of investors’ concerns about the strength of the U and European economies.
It is not the first time the retail company has faced a data breach.
In April, the U, European Union and United States said that the retailer had violated the terms of its credit card agreement.
The agreement required Walgwoods to disclose all credit card data it collected and provide an explanation of how it obtained that data.
The credit card breach has also hurt Walgows reputation, with some consumers questioning whether the company is doing enough to protect their credit card information.
The retailer said on Wednesday it had paid $5.3 million in a settlement.
The retail giant has faced questions about its data security and privacy since its breach first came to light, with questions raised about whether the information collected was properly secured.
Last year, Walgaws security chief David Ritchie acknowledged that the data breach had not been the worst ever.
The breach led to a $5 billion fine from U.K. authorities and prompted the resignation of chief executive James Gorman.
Last week, the retailer said it would pay $2.9 billion to settle criminal charges by U. S. authorities.
Justice Department announced in August that it was filing criminal charges against Walgawens founder and CEO Jim Walgowers wife, Donna, in connection with the breach.
A U.A.E. lawsuit by the Justice Department accuses Walgops data security chief, David Riggins, of illegally accessing credit card numbers, names, and account numbers.