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.
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