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Walgreens: Retail theft may not be so bad after all

Photo by istock.com

January 9, 2023

After declaring retail theft was exploding in 2022, Walgreens is taking a big step back from the declaration regarding shrinkage.

"Maybe we cried too much last year," CFO James Kehoe said during an earnings call, according to a Fox Business report. Shrinkage last year represented 3.5% of sales. That number is now in the mid 2% range, he told analysts, adding that "we're quite happy with where we are," as the figure is below prior year figures.

Kehoe indicated the retailer may be pulling back on private security in response to the shrinkage figure.