“Happening Everywhere In Retail” – Home Depot Links Surge In Thefts To Opioid Crisis
Read more on this subject: Theft or Piracy
News Story Source: Zero Hedge – Tyler Durden
An absolutely shocking account of this has come from Home Depot executives, who warn that the nation’s out of control opioid crisis has sparked a massive surge in thefts in stores across the country.
Bloomberg says the thefts have been so bad in 2019, that it will likely weigh on Home Depot’s operating profit margins next year.
“This is happening everywhere in retail,” Chief Executive Officer Craig Menear told investors on a Wednesday morning call.
“We think this ties to the opioid crisis but we’re not positive about that.”
Home Depot is the first retailer to suggest that the opioid crisis has sparked a recent surge in in-store thefts.
The National Retail Federation has said retailers lose, on average, $51 billion per year, but that number is likely to climb in the years ahead due to the opioid crisis.
In one instance, Menear told investors during the call that thieves were apprehended by law enforcement after attempting to steal $16.5
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