‘Maybe we cried too much’: Walgreens hints it exaggerated shoplifting surge
Financial chief James Kehoe admits company may have overstated purported problem, which fueled rightwing outrage over crime
A major US drugstore chain that supposedly experienced a surge in shoplifting last year – fanning the flames of conservative outrage over a purported spike in crime and disorder – said on Thursday that it might have overstated the problem.
Walgreens’ chief financial officer, James Kehoe, said during an earnings call that “shrinkage” – the difference between a balance-sheet inventory and actual stock – had returned to lower levels after a brief rise. Retail shrinkage is largely due to theft, though some is also due to accidental damage or loss.
