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Hey, I Wonder What His IQ Is...
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Target Has Horrible Earnings This Quarter, Blame It On Losing 600 Million Dollars In Shoplifting
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Chinese Clothing Stores Are Now Using Live Mannequins Walking On Treadmills As Displays To Sell Outfits
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California Parents Demand A Teacher Caught On Recording Telling Hispanic Students Their Parents Voted For Trump To Be White To Be Fired
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NEW YORK - Target is the latest big retailer blaming shoplifting for putting a big hit on its profits. The company said its gross margin rate dropped from 28% in last year's 3rd quarter to 24.7% this year. Along with shoplifting, referred to as shrink in the industry, the company blamed higher markdown rates and freight costs for dragging down profits.
The company says "inventory shortage or shrink" is a major drain on profits and it "is a growing problem." Target expects theft to cost it $600 million in lost profits this year.
"At Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs. last year and we expect it will reduce our gross margin by more than $600 million for the full year," company CFO Michael Fiddelke said in an earning conference call this week. "This is an industry-wide problem that is often driven by criminal networks."
