Former Home Depot CEO ‘fears’ Biden administration is ‘fueling a lawless society' as retail theft surges

The former CEO of Home Depot, Bob Nardelli, criticizes the Biden administration for contributing to a "lawless society" as rising theft and crime negatively impact retailers, with Nordstrom reporting a 7.9% sales decline in the second quarter and other major retailers also experiencing a surge in theft.

foxbusiness.com

Relevant topic timeline:

8/22/2023

Retail's true crime story: Top execs say rise in theft is cutting into earnings (NYSE:M)

Several major retailers, including Dick's Sporting Goods, Lowe's, Target, and Macy's, have cited an increase in theft as a factor in their reduced earnings and are taking steps to address the problem.

8/24/2023

Nordstrom's results reflect cautious consumer spending, echoing department store sector blues

Nordstrom reports a decline in sales and profits in its fiscal second quarter, reflecting cautious spending by shoppers.

8/24/2023

Nordstrom stock reverses gains as execs warn about 'historic' retail theft

Nordstrom's CEO Erik Nordstrom addressed the issue of high theft losses, which have reached historical highs, during an earnings call, causing the company's shares to fall 4.3% despite better than expected sales and earnings, with overall sales dropping 8.3%.

8/24/2023

Retailers are raising the alarm about theft. For this department-store chain, it’s been ‘within our plans.’

Nordstrom executives stated that levels of theft at their stores have not exceeded expectations, despite a recent massive robbery at one of their locations, although they acknowledged that losses from theft are at historical highs and need to be addressed.

8/25/2023

Nordstrom Shares Tumble After Reporting Sales Drop and Record Theft

Nordstrom shares plummeted over 10% as the retailer reported a sales drop, citing a decline in discretionary spending and record levels of retail theft.