“Theft is an issue. It is higher than what it has historically been,” Walmart's CEO said, warning that a lack of prosecution for shoplifting could ultimately mean higher prices for shoppers. “If that’s not corrected over time, prices will be higher, and/or stores will close.”
, 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,...
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.
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 »
Retail theft at Walmart may lead to raised prices and store closures, CEO saysWalmart warning: CEO says retailer will close its stores if rampant theft doesn't stop. How SoCal is cracking down. Now on ABC7
Read more »
Walmart CEO Doug McMillon says theft is 'higher than what it has historically been'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.'
Read more »
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 could close stores and hike prices because of scourge of shopliftingWalmart is eyeing store closings as the megaretailer grapples with an uptick in theft.
Read more »