<p><a href="http://dailywire.com/topic/target" target="_blank" rel="noopener">Target</a> executives revealed on Wednesday that organized retail <a href="http://dailywire.com/topic/crime" target="_blank" rel="noopener">theft</a> contributed to a $400 million decrease in gross margins.</p>
<p>The nationwide retailer revealed that profits fell 50% in the third fiscal quarter as sales diminished <a href="https://www.dailywire.com/news/two-critical-companies-will-lay-off-furlough-employees-during-holiday-shopping-season" target="_blank" rel="noopener">ahead of the holiday season</a>. Target announced earnings per share of $1.54, missing analyst expectations of $2.13, according to the company’s <a href="https://corporate.target.com/press/releases/2022/11/Target-Corporation-Reports-Third-Quarter-Earnings" target="_blank" rel="noopener">earnings report</a>, which cited persistent inflation and rising interest rates as contributing factors for the lackluster results.</p>
<p>Target CEO Brian Cornell remarked in an <a href="https://www.fool.com/earnings/call-transcripts/2022/11/16/target-tgt-q3-2022-earnings-call-transcript/" target="_blank" rel="noopener">earnings call</a> that organized criminal behavior has negatively impacted earnings and required new levels of security spending. “Along with other retailers, we&#8217;ve seen a significant increase in theft and organized retail crime across our business,” he said. “As a result, we&#8217;re making significant investments in training and technology that can deter theft and keep our guests and store team members safe.”</p>
<p>As many as 81.2% of retailers said that the “violence and aggression” associated with organized retail crime increased in the past year, according to a <a href="https://nrf.com/media-center/press-releases/nrf-reports-retail-shrink-nearly-100b-problem" target="_blank" rel="noopener">survey</a> from the National Retail Federation, while nearly 90% of respondents said that the pandemic worsened the risk for their companies through higher degrees of shoplifting, employee theft, and organized crime.</p>
<p>Thefts executed by packs of robbers have garnered attention during the crime wave of the past two years, with some retailers <a href="https://www.dailywire.com/news/supermarket-chain-hy-vee-introduces-new-security-efforts-as-smash-and-grab-robberies-continue" target="_blank" rel="noopener">spending heavily</a> on new security measures or <a href="https://www.dailywire.com/news/shoplifting-skyrockets-in-san-francisco-forcing-retailers-to-close-stores" target="_blank" rel="noopener">closing locations</a> in particularly dangerous cities. Target Chief Financial Officer Michael Fiddelke added that retail shrink, of which organized retail theft is a component, has contributed to reduced gross margins by more than $400 million in comparison to last year.</p>
<p>“This is an industrywide problem that is often driven by criminal networks, and we are collaborating with multiple stakeholders to find industrywide solutions,” he commented. “For example, because stolen goods are often sold online, Target strongly supports the passage of legislation to increase accountability and prevent criminals from selling stolen goods through online marketplaces.”</p>
<p>Interest groups such as the National Retail Federation and the U.S. Chamber of Commerce have <a href="https://www.dailywire.com/news/interest-groups-make-push-to-battle-organized-retail-crime-at-the-federal-level" target="_blank" rel="noopener">rallied</a> industry leaders to back multiple laws that would increase federal resources devoted to opposing the phenomenon. While the Combatting Organized Retail Crime Act would facilitate coordination among law enforcement agencies and businesses, the INFORM Consumers Act would prevent the resale of stolen goods by requiring verification for high-volume third-party sellers on platforms such as Facebook Marketplace.</p>
<p>Supporters of the legislation assert that federal assets have a role in preventing organized retail theft because Congress is mandated to regulate interstate commerce. The increased criminal activity, however, corresponds with moves from some local officials to deemphasize the prosecution of minor offenses. California is among several states that have opted to loosen consequences for small-scale shoplifting, as residents <a href="https://www.dailywire.com/news/retail-theft-is-changing-the-customer-experience" target="_blank" rel="noopener">approved</a> a ballot measure eight years ago that prescribes misdemeanor penalties to nonviolent property crimes in which the value of stolen goods does not exceed $950.</p>
<p>Crime, homelessness, and other public safety issues have induced several companies to amend operations in urban areas over the past several months. Among other examples, convenience store Wawa <a href="https://www.dailywire.com/news/wawa-closes-two-stores-in-philadelphia-due-to-crime-the-mayor-says-its-not-a-bad-omen-at-all" target="_blank" rel="noopener">shuttered</a> multiple locations in Philadelphia, while coffee chain Starbucks <a href="https://www.dailywire.com/news/america-has-become-unsafe-starbucks-ceo-rips-politicians-in-decaying-cities-after-closing-16-urban-stores" target="_blank" rel="noopener">announced</a> plans to close profitable restaurants in a number of major cities.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Target Says Organized Retail Theft Contributed To $400 Million Loss

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Business

Crime

Law Enforcement

Robbery

shoplifting

Stock Market

Target

Theft

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Target Says Organized Retail Theft Contributed To $400 Million Loss