Comment on Walgreens CEO says stopping shoplifting is like a 'hand-to-hand combat battle'

Walgreens CEO says stopping shoplifting is like a 'hand-to-hand combat battle'

Walgreens Boots Alliance CEO Tim Wentworth said minimizing shoplifting is an ongoing challenge.Joe Raedle/Getty ImagesWalgreens' CEO said the company is taking "creative" steps to address shoplifting and shrink.While anti-theft measures can be effective, they can also hurt a store's sales, CEO Tim Wentworth said.The pharmacy chain is in the midst of a multi-year turnaround effort to revive its retail business.When it comes to its retail business, Walgreens faces a tradeoff when it comes to locking up items behind anti-shoplifting displays.The Illinois-based pharmacy chain has long been one of the more vocal companies raising concerns about shoplifting in its stores — and its CEO said that the challenges continue.In prior quarterly earnings calls, Walgreens executives mentioned "higher shrink" — or missing inventory — as a drag on profitability.While the term didn't garner a mention in prepared remarks for Walgreens' fiscal first-quarter earnings call on Friday, CEO Tim Wentworth said in a call with analysts that the work to minimize shoplifting "is a hand-to-hand combat battle still, unfortunately."The CEO also said the company's asset protection team is taking "creative" steps to address the issue in an effort to better avoid negative customer experiences."When you lock things up, for example, you don't sell as many of them," he said.

 

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