Target stores are getting looted, and it’s taking a huge bite out of profits.
The discount retailer told reporters on a call to discuss its third quarter earnings results that inventory shrinkage — or the disappearance of merchandise — has reduced its gross profit margin by $400 million so far in 2022.
“There’s a handful of things that can drive shrink in our business and theft is certainly a key driver,” Target CFO Michael Fiddelke said. “We know we’re not alone across retail in seeing a…
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