The retail giant’s CEO, Brian Cornell, discussed the issue with reporters Wednesday where he said last year’s $700 million in “inventory shrinkage” means the company will suffer over $1.2 billion in lost profit for 2022-23.
The retail giant’s CEO, Brian Cornell, discussed the issue with reporters Wednesday where he said last year’s $700 million in “inventory shrinkage” — an industry term that covers merchandise theft and product damages — means the company will suffer over $1.2 billion in lost profit for 2022-23.
Major retailers such as Lowe’s, Walmart, Best Buy, Walgreens, CVS and Home Depot have also expressed concern about criminals who ransack their stores, sometimes violently by using weapons or having a mob rush into the establishment.
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