Target lost an additional $500 million from organized retail crime at its stores compared to last year, the company announced Wednesday.
CEO Brian Cornell said on the company’s fiscal first-quarter earnings call that slowed sales and hesitant shoppers are not the only reason for losses this year, as stolen goods put a sizable dent in the retailer’s earnings.
“The problem affects all of us, limiting product availability, creating a less convenient shopping experience, and putting our team and guests in harm’s way,” Cornell said.
Multiple other retails have spoken out on the growing problem with shoplifting, including Home Depot, Walmart, Best Buy, Walgreens and CVS.
In a call with CNBC on Tuesday, Home Depot DFO Richard McPhail said, “The country has a retail theft problem. We’re confident in our ability to mitigate and blunt that pressure, but that pressure certainly exists out there.”
Target’s inventory loss, called shrink, totaled about $763 million last fiscal year, based on calculations from the company’s financial filings.
With the anticipated increase, shrink this year would surpass $1 billion. https://t.co/mlcyQDKGon
— CNBC (@CNBC) May 17, 2023
Target losses from organized retail crime increase $500 millionhttps://t.co/bBWWqv0euA
— FOX Business (@FoxBusiness) May 18, 2023
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