Target CFO: “Organized Retail Crime” Cost $100s Of Millions In Lost Profits

Published On: March 1st, 20230.4 min readCategories: Covid-19, Featured, Latest Headlines, Local News, News

(Minneapolis, MN)  —  Target’s chief financial officer says organized retail crime cost the retailer “hundreds of millions of dollars” in lost profits last year.  CFO Michael Fiddelke said on Tuesday that inventory shrinkage, meaning stolen goods, is fueled in part by organized retail crime.  Fiddelke said those losses are likely to challenge Target’s bottom line this year.  Fourth-quarter results Target reported yesterday beat expectations for the first time in a year.  The big-box retailer posted earnings of a dollar-89 per share on revenue of 31-point-four billion dollars.

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