A top Walgreens executive conceded Thursday that pharmacy chain brass may have exaggerated the threat of organized retail theft, a flash point in a stinging criminal justice debate that helped electrify the recall of former San Francisco District Attorney Chesa Boudin.

“Maybe we cried too much last year,” Walgreens Chief Financial Officer James Kehoe said in an earnings call, during which he acknowledged that losses from “shrinkage” — a term for merchandise vanishing from store shelves, usually because somebody stole it — 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, hovering closer to the “mid twos.” He noted, further, that Walgreens had beefed up private security patrols in its stores, which proved “to be largely ineffective.”

Instead, the company will rely more on law enforcement. CNBC first reported Kehoe’s comments.

By admin

Leave a Reply

Your email address will not be published.