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… Source link
Read More »The astounding labor market recovery from the pandemic is complete
The U.S. economy added 528,000 jobs in July, more than double the number economists had expected. This staggering increase in employment completes a milestone for the U.S. economy: Pre-pandemic employment is now fully restored. In February 2020, the last month before the COVID-19 pandemic tipped the U.S. economy into recession, there were 152.504 million people employed in the U.S. As of July 2022, 152.536 million people in the U.S. were working. And despite the labor market contraction during… Source link
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