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Target blames ‘organized retail crime’ for $400M loss in profits this year
Target said it has lost a whopping $400 million in profits this year thanks to organized gangs of shoplifters who have been systematically stealing merchandise from its discount stores.
“At Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs. last year,” Target CFO Michael Fiddelke said on an earnings call earlier this week, which was cited by Yahoo! Finance.
Fiddelke added that “we expect it will reduce our gross margin by more than $600 million for the full year.”