(YAHOO FINANCE) -- Target 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.
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Target Chairman and CEO Brian Cornell says the problem is getting worse, is nationwide, and across various merchandise departments.