Shoplifting has become an enormous problem for Target. At the same time, we will be closely evaluating the continued safety of our team and guests, as well as the financial impact to our business, as we determine the right path forward at Target,” the company spokesperson told The Post. “We will do everything in our power to continue to keep our stores open. The significant profit hit could put some of Target’s nearly 2,000 stores at risk for closure, according to the earnings report. Target shares were up more than 2%, to roughly $160, in morning trading. Target is expecting a $500 million profit loss in 2023 due to “theft and organized crime,” according to its Q1 earnings report. “We are working with legislators, law enforcement and retail industry partners to advocate for public policy solutions to combat theft and organized retail crime,” a company spokesperson told The Post on Wednesday.ĭespite the rampant shoplifting, Target recorded a 0.5% growth in sales - which it attributed to new locations - and a nearly 1% growth in traffic, the earnings report said. Inventory shrink is an industry term that refers to fewer products being on its shelves than what’s reported in its inventory catalog. “We are making significant investments in strategies to prevent this from happening in our stores.”
#TARGET SQUEED DRIVERS#
“While there are many potential sources of inventory shrink, theft and organized retail crime are increasingly important drivers of the issue,” the company said. The Minneapolis-based chain said its profit will be squeezed by “$500 million more than what we saw last year” – when the company lost as much as $800 million from “inventory shrink.” Washington, DC grocer will pull national brands off beauty, health aisles to deter shopliftingĬrime-battered retail giant Target said it expects to suffer as much as a $1.3 billion hit to its bottom line because of “theft and organized crime,” according to the company’s first-quarter earnings report released Wednesday. Walmart to open police ‘workspace’ inside Atlanta store as shoplifting epidemic rages NYC sees some sanity as outdoor furniture encouraging drug use and vagrancy is put on ice
#TARGET SQUEED HOW TO#
TikTokers are teaching people how to steal as shoplifting epidemic rages
0 kommentar(er)
