Goal will limit shoppers to 10 items at self-checkout counters amid the continuing scourge of retail theft faced by big-box stores.
The pilot program was rolled out at select locations weeks after the discount chain shuttered nine stores in several cities — including its first ever location in Manhattan.
“In select stores we’re testing self-checkout lanes of 10 items or fewer so as to reduce wait times and higher understand guest preferences,” the Minnesota-based retailer told Business Insider.
The corporate didn’t say what number of stores could be implementing the pilot program.
The Post has sought comment from Goal.
The corporate didn’t say whether the pilot program was launched due to the continuing issue with retail theft, which has threatened the security of its employees and customers.
A Goal location in East Harlem that was shuttered in late September was steadily hit by shoplifters.
Goal has rolled out a pilot program limiting customers to 10 items in the event that they pay on the self-checkout counter.UCG/Universal Images Group via Getty Images
The corporate has said it expects shoplifting to be a “significant financial headwind.”
“We predict progress there probably doesn’t occur quickly,” chief financial officer Michael Fiddelke said on an earnings call with Wall Street analysts last week.
Top management admitted that Goal’s theft problem — often called “shrink” — continues to dog its 1,956 stores nationwide for ever and ever.
“We’re focused on progress over time,” Fiddelke added. “It’s not one which we’d expect overnight.”
“Growth in shrink stays a big financial headwind and we’re determined to proceed making progress within the years head,” Fiddelke added.
Goal didn’t say what number of stores could be implementing the pilot program. Jeffrey Greenberg/Universal Images Group via Getty Images
On the positive side, the corporate said shrink in probably the most recent quarter was “smaller than expected” and “higher than we faced earlier within the 12 months.”
Goal reported a hefty third-quarter profit increase that handily beat Wall Street expectations because the retailer held down costs and cut inventory.
Revenue slipped greater than 4%, nonetheless, as customers saddled with broadly higher costs pulled back on spending as the vacation season nears.
Goal reported a 36% increase in third-quarter profit of $971 million, or $2.10 per share, easily beating Wall Street expectations for per-share earnings of $1.47, in response to FactSet.
Goal recently shuttered several stores in big cities resulting from rampant shoplifting.AFP via Getty Images
Revenue fell 4.2% to $25.4 billion, but that too was higher than than the $25.29 billion that industry analysts were expecting.
Its third-quarter comparable sales — those from stores or digital channels operating for the past 12 months — fell 4.9% in probably the most recent quarter.
Those sales fell 5.4% within the second quarter.
For the fourth quarter, Goal expects comparable sales in a wide selection around a mid-single digit decline, and earnings per share of $1.90 to $2.60 per share.
Analysts expect $2.23 per share.
Additional Reporting by Lisa Fickenscher
