Trending

Shoplifting Rings Cost Target $600M In Year

  • Target is the latest big retailer blaming shoplifting for putting a big hit on its profits. The company said its gross margin rate dropped from 28% in last year’s 3rd quarter to 24.7% this year.
  • Along with shoplifting, referred to as shrink in the industry, the company blamed higher markdown rates and freight costs for dragging down profits.
  • The company says “inventory shortage or shrink” is a major drain on profits and it “is a growing problem.” Target expects theft to cost it $600 million in lost profits this year.
Click to read full article Go back home

Sign Up for Our Newsletter

Join our list!

Sign up here to get our daily newsletter with the top trending headlines.