Target reports $400M loss in profits amid rampant crime

Shopping carts are lined up outside of a Target store on November 16, 2022 in Chicago, Illinois. Target’s stock plummeted today after the company reported a 52% drop in profits during the third quarter. (Photo by Scott Olson/Getty Images)

OAN Newsroom
UPDATED 4:36 PM PT – Wednesday, November 16, 2022

The corporation, Target, saw major profit losses this year due to theft and looting.

Target is being hit hard by thieves.

2022 theft from stores so far: $400 million

How do you think about that?

Target has 1,938 stores

Through Oct. 29 (3 quarters), that’s:
> $685 in theft per store per day

A lot. That’s not a few deodorants or Advils slipped into pockets.

— (((Charles Fishman))) (@cfishman) November 16, 2022

According to the Chief Financial Officer of Target Michael Fiddelke, the company’s gross profit margin is already down 400 million so far this year compared to 2021.

The CFO noted that Target is not the only retailer experiencing a rise in theft by saying that it is a trend that’s gotten increasingly worse over the last year-and-a-half.

Meantime, Target is expecting to lose more than $600 million by the end of the year.  

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