Target CEO: We're seeing 'violent' incidents in our stores, and it's costing us millions

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...