Financial chief James Kehoe admits company may have overstated purported problem, which fueled rightwing outrage over crime
“We’ve put in incremental security in the stores in the first quarter, actually, probably we put in too much, and we might step back a little bit from that,” he said.alliance, would shift more toward relying on law enforcement rather than private security companies, as “the security companies are proven to be largely ineffective”, Kehoe said.
Other retailers have recently stuck by their contention that theft of some kinds is up. Walmart claimed it was struggling with an increase in shoplifting, and warned of consequences such as increased costs and potential store closures. “Theft is an issue. It’s higher than what it has historically been,” the company chief executive, Doug McMillon,. However, McMillon said that this has largely stemmed from “organized retail theft” rather than one-off shoplifting.
While shoplifting might not have hurt Walgreens’ bottom line as much as it once thought, the company said it suffered a $3.7bn loss in its first quarter, partly relating to litigation over the US opioid epidemic, which has killed of Americans in the last decade. Walgreens reached an opioid-related settlement with state and local governments last quarter to pay $5.7bn over 15 years.
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