Loblaw says higher theft drove down margins at Shoppers Drug Mart , but the company is continuing to invest and work with law enforcement to address the impact of what it calls " organized retail crime ." The grocery retail giant’s chief financial officer Richard Dufresne says the company saw "sequential improvements" in its most recent quarter when it came to shrink, which is when a company loses inventory due to factors including theft, product damage and fraud, among others.
"That said, we continue to invest in stores and in labour and work with law enforcement to help reduce the impact of organized crime on our colleagues and customers," Dufresne said on a conference call with analysts following the release of third-quarter results. "This surge in organized retail crime remains a significant problem for the retail industry
Source: News Formal (newsformal.com)
Loblaw Shoppers Drug Mart Organized Retail Crime Theft Margins Investment Law Enforcement Shrink Inventory Fraud
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