Walmart CEO Doug McMillon on Tuesday became the latest retail executive to weigh in on theft, saying it is 'higher than what it has historically been.'
, told investors and analysts in mid-November that, year-to-date, shrink "has already reduced our gross margin by more than $400 million versus last year, and we expect to reduce our gross margin by more than $600 million for the full year."This is an industry-wide problem that is often driven by criminal networks, and we are collaborating with multiple stakeholders to find industry-wide solutions," he said.
At the time, Target CEO Brian Cornell similarly called theft a "growing financial headwind" among retailers, noting the company has "seen an increase in theft and organized retail crime across our business" that has prompted "significant" investments inRite Aid CEO Heyward Donigan, during the company’s September earnings call, reported the pharmacy chain experienced "unexpected headwinds" from shrink,...
." The company’s front-end gross profit was "impacted by a $5 million increase in shrink," according to CFO Matt Schroeder.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rising thefts at Walmart could lead to price jumps, store closures, CEO saysWalmart stores are grappling with a jump in shoplifting that could lead to price spikes and closures, Walmart CEO Doug McMillon said Tuesday
Read more »
Walmart CEO: American households are seeing prices 'stabilizing' but there's more pain ahead'Some could look and say things are getting better,' Walmart CEO Doug McMillon said. But for many families, prices 'are not coming down but just stabilizing at a higher level.'
Read more »
Walmart CEO says shoppers are being more selective as they deal with inflationAmericans are still feeling 'stressed' by inflation, but the effects aren't being felt evenly across categories, Walmart CEO Doug McMillon.
Read more »
Walmart CEO: 'Stores will close' if theft at retailer doesn't declineInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Exclusive: Shale oil producer Continental Resources names Doug Lawler as CEOU.S. shale producer Continental Resources will name operating chief Doug Lawler as its new chief executive officer, according to a person familiar with the matter on Tuesday.
Read more »