Posted on 08/18/2015 11:23:25 AM PDT by Kartographer
Walmart's theft problem is getting worse.
Walmart US president Greg Foran said Tuesday that theft, which the company calls shrinkage, was one of three major factors behind the retailer's drop in profit in the most recent quarter.
Walmart's profit fell to $3.48 billion, or $1.08 a share, in the quarter ending July 31, from $4.09 billion, or $1.26 a share, a year earlier, the company reported Tuesday.
"Inventory shrinkage was meaningfully higher than planned for the quarter," Foran said in an earnings call.
Walmart probably loses about 1% of its US revenue — or roughly $3 billion every year — to stealing by customers and employees.
(Excerpt) Read more at finance.yahoo.com ...
And probably the 2nd biggest reason was Walmart’s support for Planned Parenthood almost all of which goes to pay for abortions (because if we are to believe them, PP says the part that comes from taxpayer $$ does not go to pay for abortions, -—so the money that DOES pay for abortion, must be coming from…___________).
Check craigslist to buy your inventory back from your employees dummy!
I’d be wiling to have Walmart prosecute thieves in order to deter thieves.
Oops!
I’s be willing to have Walmart prosecute thieves in order to deter thieves.
....”Wal-Mart is letting thieves off the hook - at least for up to $25 worth.”.....
So free stuff for the kiddies.....a group 20 going in one at a time could pull off a $500. heist....and then they boast about what they have stolen on line.
Hmmmmmmmmmmm
that would be “highly-motivated giving”
Around where I live, we have Harmons and Smiths....better prices, better service...local grown produce....
Profit of $1.08 per share? That is pretty fantastic. They disappointed how?
Sometimes I shake my head. I hope the stock plummets. I’m buying it. $1.08 share is a disappointment.
Got it.
I have absolutely not data, but my guess is that one reason WalMart doesn’t have a more aggressive anti “shrinkage” program is because then they would have a Jackson and Sharpton issue with Obama weighing in. Probably calculated that $1 billion in losses is cheaper than a few billion in burned-out stores and wilding type vandalism.
Absolutely spot on the mark. In order to save money, WalMart installed these devices which permit people to elect not to pay for certain items. In my local store, a manager told me folks had rolled out large TVs without paying for them.
Wal-Marts are magnets for scams and scam artists.
- Scammer walks the parking lot looking for a recent shoppers receipt paid in cash. They take the receipt in the store, get a cart and go through the store and fill the cart with every item on the receipt and then take it to customer service for a refund.
- Two people and a puppy. Usually and adult, a child and a cute puppy. They troll the lot waiting for a woman to roll out a big cart of groceries. As soon as the woman puts her purse in the car, the child goes up with the puppy to distract the shopper and the adult steals the purse.
- Meth cooks will go through the store and get everything they need for a shake-n-bake and go to the restroom back by the TV’s and make a batch of meth.
- Go to Wal-Mart and steal the cheap Wrangler jeans Wal-Mart sells and return them to a Kohl’s or somewhere that sells the real thing.
Just a few I know that have happened at a Wal-Mart near me from talking to people that work there.
Where I live, WalMart’s prices are consistently fifteen per cent lower than other retail outlets.
When I worked in the industry 25 years ago the stats were that for every 50 employees in your building 2 were stealing from you.
Always worked out to be pretty much on-target. Probably higher now.
Wal*Mart is “successful” because it gains PROFIT by taking away REVENUE from suppliers. You can only do that for so long until there is no profit left to take from the suppliers. Then the prices “level off” and you have basic price competition. Wal*Mart, regardless of what they say about all their “just in time” warehousing, etc is simply a stickup artist that fleeces suppliers until they go out of business. So many who have dealt with them have. This had to happen.
Handling shoplifting cases is an “F” priority for most local police departments and prosecutors. In particularly crime-ridden areas they don’t even answer these calls.
Most go to “civil recovery” (like suing the perp for damages...can recover 3x what they stole, except good luck actually tracking them down with your payments).
I used to sell printed t-shirts to Wal-Mart. They have an onerous system of purchasing and remitting payment that makes me want to never work with them again.
One of the more difficult things to deal with was if what was requested by them on the electronic purchase order was not in the box. They demanded that, to the piece, the contents of the received order match the purchase order. If it didn’t, they could withhold payment for the entire order until it was rectified.
With that in mind, we were extremely careful in packing the orders. Since they often placed orders that were shipping to many different locations, each box often only contained a dozen or two shirts. It was easy to verify that we were shipping exactly what they ordered.
Surprise, surprise...about 20% of the time we would be notified of a shortage. They NEVER admitted that the shirts disappeared on their end, they ALWAYS demanded that we provide them with the missing pieces.
Fast forward to five years later...a friend of my son is a Wal-Mart employee and he tells me stories of how the managers regularly remove merchandise from the store without paying for it. Regular employees are routinely fired for even the perception of theft, but the managers cover for each other.
Wanna be searched? Funny kind of American, you appear to be. When Walmart tries to stop me at the door and look at my product and receipt I just tell them no thanks and have a nice day, one employee threatened to call the police, I told him to knock himself out. I'm funny that way, not liking being treated as a thief, I may not have a choice at Costco since I agree to their terms when I join but until Wally's posts a policy stating their intention to search, screw them, and that will also be the last day they take a penny from me.
Not supported by the facts. Yep, they want your best price.
However, if you conform to their logistics policies, when a consumer in their store scans your SKU, money hits your account IMMEDIATELY. Not in 180 days like Home Despot.
Oh, and the orders come automatically. Your stuff sells, the new orders roll in, and you better be able to keep up with the volume, or else you go bye bye.
Oh, and Bentonville isn’t a palace either. Pretty spare. They are eating what they are cooking. All they ask is you eat it too.
You can also talk to local farmers about WalMart. They are all broken up about the fact they are rolling in and paying for entire crops cash on the barrelhead. They feel absolutely cheated.
WalMart is an awesome company.
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