Aug 20 (Reuters) – Target Corp reported a 62 percent drop in second-quarter profit and cut its full-year earnings forecast as it resorts to price cuts to attract cash-strapped consumers and win over shoppers unnerved by a massive holiday-season data breach.

Target, whose shares were down 2.5 percent at $57.75 in premarket trading on Wednesday, cut its full-year adjusted profit forecast to $3.10-$3.30 per share from $3.60-3.90.

The company cut its earnings estimate for the second quarter earlier this month, saying a pullback in consumer spending had led to weak sales.

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