As with gun violence, inventory shrinkage actually just a diversity problem:
Target (TGT) has become a target for major thefts, and it’s taking a huge chunk out of profits.
The retailer estimated in its earnings release Wednesday that inventory shrinkage — mostly the theft of merchandise — would clip profits by a whopping $500 million this year. Factoring in an about $700 million profit hit from inventory shrinkage in 2022, Target is on pace to see $1.2 billion in profits go up in smoke, due primarily to organized retail crime.
Target Chairman and CEO Brian Cornell says the problem is getting worse, is nationwide, and across various merchandise departments.
“The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry. And when products are stolen, simply put they are no longer available for guests who depend on them,” Cornell said on a call with reporters.
“Left unchecked, organized retail crime degrades the communities we call home. As we work to address this problem, the safety of our guests and our team members will always be our primary concern. Beyond safety concerns, worsening shrink rates are putting significant pressure on our financial results,” he said.
Once more, we see that the materialist perspective is totally incapable of explaining the corpocracy’s embrace of diversity and inclusivity.
Gordon Gecko lied. Not only is greed not good, it’s not even the causal factor it is assumed to be.