Target CEO warns rising crime, retail theft will hit profits

Target CEO Brian Cornell cautioned on Wednesday that the company expects a significant dent in profits of over $500 million this year due to an escalating trend of bold retail theft at its stores.

Speaking to analysts during an earnings call, Cornell expressed concern over the worsening shrink rates and emphasized that stolen products directly impact the availability of goods for their customers, who rely on them, Fox Business reported.

In the previous fiscal year, Target experienced losses of $750 million due to shrinkage, encompassing inventory loss resulting from various factors, including theft.

"Target CEO warns rising crime, retail theft will hit profits"
READ MORE: https://www.foxbusiness.com/lifestyle/target-ceo-warns-rising-crime-retail-theft-will-hit-profits

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