Connect with us

Published

on

Thefts at Target have become increasingly violent and dangerous for staffers, the retail giant’s CEO told investors on Wednesday.

Shoplifting that included “violence of threats of violence” surged 120% during the first five months of the year, said Brian Cornell, chief executive of the Minneapolis-based big-box chain.

“Our team continues to face an unacceptable amount of retail theft and organized retail crime,” Cornell said during the company’s second-quarter earnings call. “Unfortunately, safety incidents associated with theft are moving in the wrong direction.”

Cornell said that Target’s inventory shrink — which accounts for retail theft and other losses of merchandise — is “well-above the sustainable level where we expect to operate over time.”

The National Retail Federation, the nations largest retail trade group, said its latest security survey of roughly 60 retailers found shrink clocked in at an average rate of 1.4% last year, representing $94.5 billion in losses.

The greatest portion of shrink — 37% — came from external theft, including products taken during organized shoplifting incidents, the trade group said.

It also noted retailers, on average, saw a 26.5% uptick in organized theft incidents last year.

Target reported its first quarterly sales drop in six years — contributed in part by the calls to boycott the brand over the LGBTQ-friendly merchandise.

Profit for the fiscal second quarter came in above expectations, however, as Target brought inventories closer in line with cautious spending on discretionary items by customers.

Cornell also addressed the threats to staffers in the wake of the controversy surrounding the sale of LGBTQ-related merchandise during Pride Month.

In May, customers knocked down Pride displays at some stores, angrily approached workers and posted threatening videos on social media from inside the stores.

The backlash, which included calls to boycott the company over its sale of “tuck-friendly” bathing suits, prompted Target to remove some items from its store and even relocate the merchandise to the rear of the locations.

“We denounce violence and hate of all kinds, and safety of our team and our guests is our top priority,” Cornell told investors during Wednesday’s earnings call.

Despite the losses, Target will still be celebrating Pride Month in 2024, Cornell said, noting that future collections will focus on being celebratory and joyous, with wide-ranging relevance.

Target will also be mindful of timing, placement and presentation of its future Pride collections, Cornell added.

Pride is one of many heritage moments that are important to our guests and our team, and well continue to support these moments in the future.

Targets CFO Michael Fiddelke addressed Targets disastrous rainbow-clad collection in an earnings call on Wednesday, saying: Traffic and top line trends were affected by the reaction to our Pride assortment.

Cornell said higher high prices for food and household essentials are taking a bigger chunk out of the paychecks of customers, who have also pulled back on buying some goods in favor of travel or spending time out of the house in other ways.

Guests are out at concerts, Cornell told reporters on a media call Tuesday.

Theyre going to movies. Theyve seen Barbie. Theyre enjoying those experiential moments, and theyre shopping very carefully for discretionary goods.

Target earned $835 million, or $1.80 per share, in the quarter that ended July 29. That compares with $183 million, or 39 cent per share, in the year-ago period.

Sales fell nearly 5% to $24.77 billion as shoppers focused more on groceries than discretionary items.

Additional Reporting by Shannon Thaler and Post Wires

Continue Reading

Science

El Capitan Is Now the Fastest Supercomputer on the Planet

Published

on

By

El Capitan Is Now the Fastest Supercomputer on the Planet

The world’s most powerful supercomputer, El Capitan, has been officially launched at the Lawrence Livermore National Laboratory (LLNL) in California. Built at a cost of $600 million, the system has been designed to manage highly classified national security tasks. The primary objective of the supercomputer is to ensure the security and reliability of the U.S. nuclear stockpile in the absence of underground testing, which has been prohibited since 1992. Research in high-energy-density physics, material discovery, nuclear data analysis, and weapons design will be conducted, along with other classified operations.

Performance and Capabilities

According to reports, El Capitan became the fastest supercomputer globally after achieving 1.742 exaFLOPS in the High-Performance Linpack (HPL) benchmark. The system has a peak performance of 2.746 exaFLOPS, making it the third machine ever to reach exascale computing speeds. The measurement, taken in floating-point operations per second (FLOPS), represents the ability of the supercomputer to perform one quintillion (10^18) calculations per second.

As reported by space.com, the second-fastest supercomputer, Frontier, located at Oak Ridge National Laboratory in Illinois, has recorded a standard performance of 1.353 exaFLOPS, with a peak of 2.056 exaFLOPS. El Capitan’s significant advancement marks a leap in computational capabilities within high-performance computing.

Technical Specifications

As reported by The Next Platform, El Capitan is powered by over 11 million processing and graphics cores distributed across 44,544 AMD MI300A accelerated processing units. These units incorporate AMD EPYC Genoa CPUs, AMD CDNA3 GPUs, and shared computing memory. Each processing unit includes 128 gigabytes of high-bandwidth memory, designed to optimise computational efficiency while minimising power consumption.

Development and Commissioning

Reports indicate that construction of El Capitan began in May 2023, with the system going online in November 2024. The official dedication took place on January 9, 2025. The supercomputer was commissioned by the U.S. Department of Energy’s CORAL-2 program as a successor to the Sierra supercomputer, which was deployed in 2018 and currently ranks 14th in the latest Top500 list of most powerful supercomputers.

With El Capitan’s full-scale deployment, advancements in national security research and computational science are expected to reach unprecedented levels.

Continue Reading

Business

Bank of England rate-setter sees no repeat of extended inflation spike ahead

Published

on

By

Bank of England rate-setter sees no repeat of extended inflation spike ahead

A member of the Bank of England’s rate-setting committee has made a case for a steeper cut to interest rates on expectations that an inflation “hump” ahead will be temporary.

Catherine Mann, an American economist, told an audience in Leeds that she currently did not see a repeat of an extended period of inflation in the months to come, such as that which followed Russia’s invasion of Ukraine.

She described herself as an “activist” on the Bank’s monetary policy committee, having voted last week for a half percentage point interest rate reduction.

Ms Mann said her decision aimed to “cut through the noise” about the right stance for policy given the weaker outlook for employment and the economy than had been previously expected at the end of 2024.

Money latest: My company cut my pay by £700 to cover NI rise

But she cautioned that while her policy path differed to the majority view for “gradual” rate reductions, the Bank rate, she said, would need to remain restrictive for longer.

Ms Mann had been considered the top hawk – a policymaker leaning towards higher rates – on the Bank’s monetary policy committee (MPC) until it emerged she had backed a half-point cut.

A 0.25 percentage point reduction was passed.

Please use Chrome browser for a more accessible video player

Sky asks BoE governor about ‘depressing’ growth

Her earlier worries about rate cuts included a high pace for wage growth and budget-linked investment, stoking inflation down the line.

Last Thursday’s rate decision meeting minutes showed that she, and one other member of the MPC Swati Dhingra, had varied concerns relating to the Bank rate remaining too restrictive at a time of weak economic growth and a weakening employment outlook, with both likely to weigh on inflation naturally.

New Bank staff projections saw the economy growing by just 0.75% this year and inflation topping 3.7% – up from the current 2.5% rate.

Ms Mann told the audience at Leeds Beckett University: “In a speech last February I said, ‘Do not be seduced by the deceleration in headline inflation’. This February, I say, ‘Do not be dismayed by the hump… yet’.”

She expected much of the anticipated increase in inflation this year to come from energy and food, with contributions from other elements such as water bills, phone bills and insurance.

These are factors outside the Bank’s control.

What it wants to avoid is a price spike that forces up wage growth to counter the higher costs – as happened after the energy-led start to the cost of living crisis in 2022.

She said that elements such as budget tax rises on employment would, as Bank surveys have suggested, weigh on both wage growth and therefore inflation.

“I chose 50 basis points now, along with continued restrictiveness in the future, and a higher long-term Bank Rate
to ‘cut through the noise’,” she added.

Continue Reading

Environment

Affirm plans to bring Buy Now, Pay Later debit cards to more users through deal with FIS

Published

on

By

Affirm plans to bring Buy Now, Pay Later debit cards to more users through deal with FIS

PayPal Inc. co-founder and Affirm’s CEO Max Levchin on center stage during day one of Collision 2019 at Enercare Center in Toronto, Canada.

Vaughn Ridley | Sportsfile | Getty Images

Affirm, the online lender founded by Max Levchin, expanded beyond credit and entered the debit market four years ago with a card that let users pay over time. Now the company is making it possible for banks to offer that service to their customers.

Affirm, which pioneered the buy now, pay later business (BNPL), has partnered with FIS in a deal that will allow the fintech company to offer the pay-over-time service to its banking clients and their millions of individual customers.

Any bank that partners with FIS will be able to provide its own version of the Affirm Card, which launched in 2021, without asking customers to adopt a new piece of plastic. Consumers can access Affirm’s biweekly and monthly installment plans and have the money automatically deducted from their checking account.

There are approximately 230 million debit card users in the U.S., according to the Federal Reserve Bank of Atlanta. BNPL services have traditionally been tied to credit cards or standalone financing products, rather than to debit offerings.

Affirm CEO on earnings: Consumer is thriving and shopping across the board

“Consumers today are looking for innovative and user-friendly experiences that give them flexibility and control over their money,” Jim Johnson, co-president of banking solutions at FIS, said in the press release. Affirm’s offering can help banks “offer more competitive, differentiated services through their own banking channels,” he said.

Affirm has over 335,000 merchants in its network, ranging from travel booking sites and concert ticket providers to jewelry stores and electronics providers. By bringing BNPL into the debit world, Affirm aims to provide consumers more alternatives to credit.

In its earnings report last week, Affirm reported better-than-expected quarterly revenue and posted a surprise profit from the holiday period. The stock rocketed 22% after the announcement.

Affirm’s active consumer base grew 23% year over year to 21 million users. The Affirm Card now has 1.7 million active users, up more than 136% from the year-ago quarter. Card volume has more than doubled.

In June, Affirm and Apple announced plans for U.S. Apple Pay users on iPhones and iPads to be able to apply for loans directly through Affirm.

WATCH: PayPal shares plunge 12% despite earnings beat as growth slows in card processing

PayPal shares plunge 12% despite earnings beat as growth slows in card processing

Continue Reading

Trending