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Not 100%, But Fairly Sure The Driver Of This Scooter Has No License
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Target Has Horrible Earnings This Quarter, Blame It On Losing 600 Million Dollars In Shoplifting
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Stupid TikTok Influencer Arrested After Posting Herself Shoplifting And Showing Off Her Stolen Swag
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00:36
Dude Tried To Steal A Golf Cart, Gets Zapped Like A Bug
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02:02
Looks Like Netflix Went Back To It's Uber-Woke Ways With The Six Triple Eight
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01:30
This Redneck Roadrage Incident Is Something Else
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00:27
Biden Is Considering Commuting The Sentences Of All Death Row Inmates Including The Boston Bomber
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A Feral Karen Tries To Imprison A Lowes Delivery Driver After The Refrigerator She Ordered Didn't Fit Her Kitchen
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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."
