Target executives revealed on Wednesday that the retail behemoth is suffering from considerable losses driven by organized retail theft.
Target CFO Michael Fiddelke remarked in an earnings call that retail shrink, the loss of products from theft, accidents, accounting errors, and other phenomena apart from sales, is expected to reduce profitability by an additional $500 million in comparison to last year. The firm referenced “theft and organized retail crime” as “increasingly important drivers of the issue” in a first quarter earnings report, noting that the company is forced to make “significant investments in strategies to prevent this from happening in our stores and protect our guests and our team.”
“It is an urgent issue, not just for Target, but across the entire retail industry. It is a
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