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☆ Target said it's lost $400 million this year due to 'inventory shrink' — and organized retail crime is mostly to blame
▼ + stars: | 2022-11-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Target said organized retail crime has led to more than $400 million in profit losses in 2022. Organized theft has become a major problem for retailers due to the rise of e-commerce. "Along with other retailers, we've seen a significant increase in theft and organized retail crime across our business," Brian Cornell, Target's CEO, said during the company's third-quarter earnings call. Inventory shrink on the whole cost US retailers nearly $100 billion in 2021, and it was driven by theft: retailers surveyed by the National Retail Federation reported a 26.5% increase on average of organized retail crime. Mulligan said while organized theft likely began in only some geographies, "we see those circles expanding and expanding and the impact continuing to grow."

The company said Wednesday it now plans for a weaker holiday quarter. Target did not provide an outlook beyond the holiday quarter, but said it expects tough conditions to persist. So far this fiscal year, those losses have had a more than $400 million impact on Target’s operating margin. Comparable sales, which track Target sales online and at stores open at least 13 months, rose 2.7% over the year-ago period. Target will share more details about its cost-cutting plan at an annual investor day, which is scheduled for March.

☆ Target will report earnings before the bell — here's what to expect
▼ + stars: | 2022-11-16 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Target on Wednesday will report its fiscal third-quarter earnings, as the big-box retailer tries to clear through an abundance of extra inventory and woo holiday shoppers. Here's what Wall Street is expecting, according to Refinitiv:Earnings per share: $2.13Revenue: $26.38 billionTarget's inventory was up 43% year over year in the first quarter and 36% in the second quarter. Those actions hurt the company in the second quarter, with profits falling nearly 90%. That would represent a jump from its operating margin rate of 1.2% in the fiscal second quarter. The company also showed improvement with its own inventory woes, saying inventory is up only 13% year over year — with most of that coming from inflation.

☆ Americans agree — companies should invest in workers, including paying employees a livable wage
▼ + stars: | 2022-05-26 | by ( Martin Whittaker | ) www.businessinsider.com time to read: +6 min

But there's a difference between increasing pay and giving workers a living wage. Recent polling shows that 85% of Americans want companies to invest in their workers. And while many companies have been doing so by increasing starting pay and adding new benefits, now it's time to tackle paying a living wage. Paying a living wage is a key part of the equation. This is just one example of workers' financial security needs helping to drive corporate action (PayPal is probably the most well known).

☆ The CEOs of Walmart and Target are warning of surging theft. Here's how a CVS exec said thieves steal $2,000 from stores in just 2 minutes
▼ + stars: | 2021-11-02 | by ( Hannah Towey | Ben Tobin | ) www.businessinsider.com time to read: +5 min

Heads at Walmart and Target have both warned that retail theft is higher than usual in 2022. CVS Health's director of organized retail crime investigations testified to Congress in 2021 about the topic. These comments come one year after Ben Dugan, the director of organized retail crime and corporate investigations at CVS Health. Organized retail crime-related events have been reported in a CVS Pharmacy store every three minutes, Dugan said at the time. "Let me just be clear about what organized retail crime is not.

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