Target On Pace To Lose $1.2 Billion To Shoplifting
View Source | May 17, 2023 11:24 am
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- Target has become a target for major thefts, and it’s taking a huge chunk out of profits.
- The retailer estimated in its earnings release Wednesday that inventory shrinkage — mostly the theft of merchandise — would clip profits by a whopping $500 million this year. Factoring in an about $700 million profit hit from inventory shrinkage in 2022, Target is on pace to see $1.2 billion in profits go up in smoke, due primarily to organized retail crime.
- “The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry. And when products are stolen, simply put they are no longer available for guests who depend on them,” Cornell said on a call with reporters.
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