A top Walgreens executive conceded that pharmacy chain brass may have exaggerated the threat of organized retail theft.
A Walgreens store is shown in downtown Chicago. In San Francisco, more than 100 million prescription opioid pills were dispensed by Walgreens stores between 2006 and 2020, and during that time, the pharmacy giant failed to investigate hundreds of thoA top Walgreens executive conceded that pharmacy chain brass may have exaggerated the threat of organized retail theft, "Maybe we cried too much last year," Walgreens Chief Financial Officer James Kehoe said in a Thursday earnings call.
He also acknowledged "shrinkage" losses — a term for lost or stolen merchandise — had become more manageable. While inventory amounting to 3.5% of the drugstore chain’s total sales vanished last year, this year’s losses seemed to stabilize, Kehoe said. The percentage now is about 2%. analyzed city police department data in October 2021, revealing that Walgreens' claims of shoplifting forcing the company to close five of its stores was unfounded.
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