Target losses from organized retail crime increase $500 million

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 company's earnings.

"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.

Chief Financial Officer Michael Fiddelke said that lost...