'Maybe we cried too much' over shoplifting, Walgreens executive says | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 95%

Business News News

Business Business Latest News,Business Business Headlines

Throughout the pandemic, major retailers have warned about surging theft and a rise in brazen shoplifting attempts. But a top Walgreens executive now says the freakout may have been overblown. “Maybe we cried too much last year” about the losses, he said.

“Maybe we cried too much last year” about merchandise losses, Walgreens finance chief James Kehoe acknowledged Thursday on an earnings call. The company’s rate of shrink — merchandise losses due to theft, fraud, damages, mis-scanned items and other errors — fell from 3.5% of total sales last year to around 2.5% during its latest quarter. Kehoe’s message is a notable shift from comments about theft from Walgreens and other retailers like Walmart and Target over the last nearly three years.

The numbers used didn’t add up Though Walgreens may have overblown the shoplifting threat over the last few years, it’s true that theft has always been a problem for retailers — and that it often spikes during recessions and other periods of economic hardship, when people are desperate and may feel the need to turn to petty crime to sustain themselves. What’s more, recent factors like shortstaffed stores and self-checkout can make it easier for thieves to steal.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Perfect cnn headline 🤡

Miguel06588999 Really? In California they encourage it.

Glad to see CNN did just enough research to justify and glorify theft.

Mostly peaceful looting

This article was all over the place. People don't report things to police if they know they won't show up or do anything if they do show up. Also stores were closed in certain areas. It is a very localized problem in very certain areas.

Nope. We watched the videos. The surge is real

Since theft shrink is much less than thought, does this mean Walgreens will bring their prices back to normal and unlock the toothpaste?

No, stealing is stealing! Says something about how kids are being brought up.

Dear Wokegreens, We've seen all the videos of shoplifters walking out the doors with armfuls of unpaid for merchandise.

An Honest Mistake

Siding with criminals Hope they go bankrupt

Per usual, CNN downplaying rampant crime in American cities. It’s a crisis and no amount of opinion pieces will change it. Sorry

Remember the ‘mostly peaceful’ Summer of Love 2020?

What do you expect, all these retailers are expecting everyone to check out there own purchases now. Hardly ever see anyone up front of the stores anymore.

Doubt that small business owners think they cried too much. Middle managers at Walgreens collect their checks regardless.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSİNESS

Business Business Latest News, Business Business Headlines