Target's CFO Michael Fiddelke revealed that it wasn't just inflation that was driving down profits for the company, it's also believed to be theft as well.
"At Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs. last year," Fiddelke said.Fiddelke said there are a"handful of things that can drive shrink in our business and theft is certainly a key driver. We know we're not alone across retail in seeing a trend that I think has gotten increasingly worse over the last 12 to 18 months.
Yahoo Finance Editor-in-Chief Andy Serwer blamed the issue on people not"getting a fair shake" when talking about why there is theft of products.
Armed guards are the best deterrents. Also EVERYONE must show their receipt before leaving.
Put guards at doors. 4 to each big set of doors. In uniform! With spray for faces!
Is that code for unpunished shoplifting gone wild?