Target CEO: We're seeing 'violent' incidents in our stores, and it's costing us millions
As Target decides whether to vacate these hotbeds of crime, it said would look to improve worker training and add more "asset protection" employees to the locations.
By News on the Net -- Yahoo Finance—— Bio and Archives--May 18, 2023
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Target (TGT) 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. ---More...
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