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Target lost an additional $500 million from organized retail crime at its stores compared to last year, the company announced Wednesday.
CEO Brian Cornell said on the company’s fiscal first-quarter earnings call that slowed sales and hesitant shoppers are not the only reason for losses this year, as stolen goods put a sizable dent in the retailer's earnings.
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Target lost an additional $500 million from organized retail crime at its stores as compared to last year, the company announced Wednesday. (Chris Machian/Omaha World-Herald via AP / AP Newsroom)
"The problem affects all of us, limiting product availability, creating a less convenient shopping experience, and putting our team and guests in harm’s way," Cornell said.
CFO Michael Fiddelke said that lost inventory, referred to in retail as "shrink," reduced the company's first-quarter earnings by 1% compared to last year.
Target missed Wall Street’s earnings expectations last year for three consecutive quarters, putting the company in a desperate spot with shareholders as crime rates reach historic highs.
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Retail stores across the country have added safety locks on popular stolen goods. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)
One common theory for increases in stolen retail goods is the growth of online marketplaces where sales can be made anonymously.
The trend has led many of Target's competitors, such as Walgreens, CVS and Walmart, to speak up as well on the need to counter organized retail crime. Retail stores across the country have added safety locks on popular stolen goods.
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Target CFO Michael Fiddelke said that lost inventory, referred to in retail as “shrink,” reduced the company’s first-quarter earnings by 1% compared to last year.
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Another possible solution pushed by retail companies is government regulation and enforcement through the INFORM Consumers Act passed last year as a part of the omnibus bill. The legal framework allows state attorney generals to require online verification in online marketplaces to counter the sales of stolen and counterfeit goods.
President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.
Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.
The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.
The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.
Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.
The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.
Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.
Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.
Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.
On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.
At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.
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You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.
While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.
“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.
The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.
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Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.
The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.
And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.
The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.
With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.
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Microsoft‘s Outlook email service malfunctioned for several hours Wednesday and Thursday, prompting some people to post on social media about the inability to reach their virtual mailboxes.
The issue began at 6:20 p.m. Eastern time on Wednesday, according to a dashboard the software company maintains. It affected Outlook.com as well as Outlook mobile apps and desktop programs.
At 12:21 ET the Microsoft 365 Status account posted that it was rolling out a fix.
“Our configuration changes have effectively resolved impact in targeted infrastructure. We’re now deploying the changes worldwide to resolve impact for all users,” Microsoft said in an X post on Thursday afternoon.
The company’s status page said “most impacted users will experience relief within the next two hours,” and that it was continuing to monitor the service.
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On social media, some people reported that Outlook was functioning properly after hours of users posting about problems.
With hundreds of millions of active users, Outlook is important, although Apple and Google‘s email clients are more popular, according to data from analytics company Litmus.