08/22/2024
“Beware of little expenses- a small leak will sink a great ship.” Benjamin Franklin
$TGT Target hit the mark on its goal of theft reduction!
Michael Fiddelke, a member of Target’s C-Suite shared encouraging news on the topic of inventory shrink during the quarterly earnings conference call.
Fresh off a Q2 earnings report, Target posted a gross profit margin of 28.9% up from 27% a year ago. Inventory Shrink increased by more than $500 Million in 2023 compared from 2022! That’s $1.36 Million a day in shrink/ theft.
Last October, Target closed nine stores of which were located in Harlem NY, two stores in Seattle WA, three stores in San Francisco & Oakland CA, & three stores in Portland Oregon.
Stores that were hit the hardest have been outfitted with locking cases for items prone to theft.
Emphasis on de-escalation, defense tactics, investments in additional security personnel, partnerships with local enforcement agencies, cyber security & increased customer engagement have yielded favorable results. Target has posted two consecutive quarters of improvement.
This is welcome news, just in time for back to school season. Stock performance post EPS report up 9%+
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