Target Blames ‘Organized Retail Crime’ Surge For $400M Loss

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At a glance

  • Retail giant Target said a surge in “organized retail crime” is to blame for a $400 million reduction in gross profits.
  • Target CFO Michael Fiddelke said theft is a “key driver” of profit loss in retail that has gotten “increasingly worse over the last 12 to 18 months,” and he expects the number at his stores to grow to $600 million by years end.

 

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