{"id":511219,"date":"2022-11-16T22:14:38","date_gmt":"2022-11-16T19:14:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/target-blames-organized-crime-for-400m-loss-in-profits\/"},"modified":"2022-11-16T22:14:38","modified_gmt":"2022-11-16T19:14:38","slug":"target-blames-organized-crime-for-400m-loss-in-profits","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/target-blames-organized-crime-for-400m-loss-in-profits\/","title":{"rendered":"#Target blames &#8216;organized&#8217; crime for $400M loss in profits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b762001d4e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b762001d4e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/target-blames-organized-crime-for-400m-loss-in-profits\/#%E2%80%9CTarget_blames_%E2%80%98organized_crime_for_400M_loss_in_profits%E2%80%9D\" >&#8220;Target blames &#8216;organized&#8217; crime for $400M loss in profits&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CTarget_blames_%E2%80%98organized_crime_for_400M_loss_in_profits%E2%80%9D\"><\/span>&#8220;Target blames &#8216;organized&#8217; crime for $400M loss in profits&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>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.<\/p>\n<p>\u201cAt Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs. last year,\u201d Target CFO Michael Fiddelke said on an earnings call earlier this week, which was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/target-organized-retail-crime-400-million-profits-113006396.html\">cited by Yahoo! Finance.<\/a><\/p>\n<p>Fiddelke added that \u201cwe expect it will reduce our gross margin by more than $600 million for the full year.\u201d<\/p>\n<p>A Target spokesperson told Yahoo! Finance that the \u201cshrinkage\u201d which the CFO referred to was attributed specifically to \u201corganized retail crime.\u201d<\/p>\n<p>Fiddelke said that there are \u201ca handful of things that can drive shrink in our business and theft is certainly a key driver.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-16.jpg?w=1024\" alt=\"Target says that its profits have fallen due to increased shoplifting at its stores.\" class=\"wp-image-24677243\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-16.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-16.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-16.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Target says that its profits have fallen due to increased shoplifting at its stores.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>\u201cWe know we\u2019re not alone across retail in seeing a trend that I think has gotten increasingly worse over the last 12 to 18 months,\u201d he said. <\/p>\n<p>\u201cSo we\u2019re taking the right actions in our stores to help curb that trend where we can, but that becomes an increasing headwind on our business and we know the business of others.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-17.jpg?w=1024\" alt=\"NYPD vehicle in front of Target store\" class=\"wp-image-24677230\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-17.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-17.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-17.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Target said its profits have fallen $400 million this year due to theft.<\/figcaption><figcaption><span class=\"credit\">J.C.Rice<\/span><\/figcaption><\/figure>\n<p>In September, the CEO of Rite Aid said that the pharmacy chain was burdened with a $5 million year-over-year increase in \u201cshrink\u201d \u2014 a term in the retail industry which means losses related to theft, fraud, or administrative errors.<\/p>\n<p>Rite Aid CEO Heyward Donigan told analysts that the problem was particularly acute in New York City.<\/p>\n<p>\u201cI think the headline here is the environment that we operate in, particularly in New York City, is not conducive to reducing shrink just based upon everything you read and see on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> and the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> in the city,\u201d chief retail officer Andre Persaud said.<\/p>\n<p>As The Post has reported, NYC-area Rite Aid stores have been bombarded with theft this year \u2014 with shoplifters calmly taking\u00a0items from shelves in plain view\u00a0of cameras.<\/p>\n<p>For example, the Rite Aid at the corner of Eighth Avenue and 50th Street in Hell\u2019s Kitchen lost more than $200,000 in stolen merchandise over just a two-month span. The\u00a0store closed in February.<\/p>\n<p><em>Additional reporting by Thomas Barrabi<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/16\/target-blames-organized-crime-for-400m-loss-in-profits\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Target blames &#8216;organized&#8217; crime for $400M loss in profits&#8221; 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. \u201cAt Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":511220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/target-organized-theft-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135628,4998,70470,71089,32332],"class_list":["post-511219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-16-22","tag-crime","tag-retail","tag-target","tag-walmart"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511219"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511220"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}