Posted on 05/17/2023 8:16:44 AM PDT by CFW
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.
Target Chairman and CEO Brian Cornell says the problem is getting worse, is nationwide, and across various merchandise departments.
"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.
(Excerpt) Read more at finance.yahoo.com ...
This is NOT nationwide. The ceo needs to get out of his blue city for a while.
Exactly - go back to the model where Target was thought of as a designer Walmart and the stores were overrun with legions of suburban MILFs.
They had it made and blew it.
Just yesterday I went to target for a baby gift, as they were registered there. I walked out with nothing. I was shocked at how pro trans they were since I last was there. Not just T-shirts but signs showing how woke…evil..they have become.
I will never walk in there again. They are deep into this..they brought this onto themselves.
Absolutely.......I’m not really sure why people shop there to begin with.....not much they have that I can’t find at Walmart and probably cheaper.
Last 3 times my wife dragged me in there we walked out empty handed.
Only redeeming value I can see is they have a surprisingly extensive selection of hard to find electronic accessories like cables and plugs.....but I’d just as soon order online and wait than give that woke ass company my hard earned money.
When they banned The Salvation Army I said F ‘em.
Maybe having a men’s and ladies room used by men and ladies would help?
I bet big box stores in more conservative states, in which criminals are likely to be punished for repeated arrests for theft, see a lower amount of product being taken as “reparations”.
In my rural area, the thugs are simply shocked when they come into our county to commit crimes, are arrested when doing so, and find themselves sentenced to jail time. We only have one small grocery store and they can’t afford to lose product to shoplifters. Our deputies, whose offices are a half-mile away from the store, are happy to help the store owner out by taking the perps on a tour of the nearby jail facilities. It’s a small building, but the tour takes quite a long time.
But diversity is our strength, right?!
And I wouldn’t mind giving them a one way ticket back to Africa.
I hate to say it, but that makes a lot of sense!
Communist community property redistribution.
Target is a woke company. Maybe they should try to be even more woke. Hold “Free Stuff Fridays”. Anyone who self-identifies as an oppressed person doesn’t have to pay on those days. Just shop, then leave. No penalties attached. No judgements made.
Yes, that should turn things around.
It’s costing us millions
They know what they need to do but won’t SECURITY PEOPLE but they don’t.
They will do as Walmart and other stores do when one shuts down jack up prices at the other stores to make up the difference.
Bonus round : tax write off
Arrest them? Fine them?
AHAHAHAHAH!
Blue folk vote for anarchy (lax or unenforced laws), they cry when they get it.
13% ruining everything.
Deduct that amount to any reparations claims.
I hope they go under with their selling of transgender clothes for children. Shame on them.
Yes people will still register at Target but I won’t shop off those registries.
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