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

Yahoo Finance | May 17, 2023

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.


2 Comments on Target CEO: We’re seeing ‘violent’ incidents in our stores, and it’s costing us millions

  1. Ha ha! Just desserts.

    ‘Target deserves the Bud Light treatment’: Retailer faces backlash for promoting trans-friendly slogans on T-shirts for kids and gender-neutral clothing in its Pride collection

    Target Normalizes Transgender Lifestyle — Chest binders and more

  2. All of this mutilation, crayola hair color, tattoos & piercings have spawned a race of freaks & uglies worthy of Star Wars/Trek birth defected looking creatures.

    The bankrupting of any & all of these businesses, that push traditionally abnormal behaviors onto the population, would be a true blessing for the health of mankind.

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