Target expects to take a $500 million hit this year due to missing inventory, and says shoplifting and organized crime is largely to blame
Target is expecting to take a $500 million hit in profits this year due to missing inventory, and it's largely because of theft and organized retail crime, the company said.
In a statement, Cornell said that while it is"making significant investments in strategies to prevent this from happening," it expects"inventory shrink" to make a big dent in profits this year. But, Mulligan added, that layer of security does come at a cost to sales, as it adds friction to the customer experience. Getting that balance right is a key priority for his team.
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