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.

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Relevant topic timeline:

8/22/2023

Markets Await Existing Home Sales Data

Retail companies have reported mixed results in their earnings, with Macy's beating expectations but experiencing a decline in same-store sales, while Dick's Sporting Goods missed earnings estimates due to retail theft and sluggish sales, and Lowe's outperformed expectations with higher quarterly sales and slight decline in comps.

8/24/2023

Dollar Tree says theft is such a problem it will start locking up items or stop selling them altogether

The rise in retail theft nationwide is being blamed for Dollar Tree's decline in gross profit margin, prompting the company to take defensive measures to prevent further losses.

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 reports 'historical highs' for theft-incurred losses

Thieves ransacked a Nordstrom store in Los Angeles, stealing nearly $100,000 worth of handbags and clothes, prompting the CEO to address the issue of retail theft and the need for better solutions.

8/26/2023

How 'shrink' became the biggest story in retail

Retail theft, known as "shrink," is becoming a growing problem for retailers, leading to concerns over profits and prompting companies to take preventative measures, such as installing locked cases and removing certain items from stores.

8/28/2023

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.

9/3/2023

Toothpaste, chocolate, deodorant under lock & key: US retailers voice alarm at rising theft, 'flash rob' attacks - Times of India

Retailers in the US, including Walmart, Target, and CVS, are experiencing an increase in theft and organized shoplifting, leading to heightened security measures such as locked shelves, padlocked refrigerators, and scattered call buttons, in an effort to combat the rising issue that is impacting their earnings.

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Posted 8/22/2023, 9:32:16 PM

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

seekingalpha.com

Relevant topic timeline:

8/22/2023

Markets Await Existing Home Sales Data

8/24/2023

Dollar Tree says theft is such a problem it will start locking up items or stop selling them altogether

The rise in retail theft nationwide is being blamed for Dollar Tree's decline in gross profit margin, prompting the company to take defensive measures to prevent further losses.

8/24/2023

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

8/24/2023

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

8/25/2023

Nordstrom reports 'historical highs' for theft-incurred losses

Thieves ransacked a Nordstrom store in Los Angeles, stealing nearly $100,000 worth of handbags and clothes, prompting the CEO to address the issue of retail theft and the need for better solutions.

8/26/2023

How 'shrink' became the biggest story in retail

8/28/2023

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

9/3/2023

Toothpaste, chocolate, deodorant under lock & key: US retailers voice alarm at rising theft, 'flash rob' attacks - Times of India