Posted on 11/23/2021 10:54:55 AM PST by blam
Liberal socialist utopias such as California are a blessing for deadbeat klepto hobos from around the world thanks to the state’s lack of prosecution of shoplifting, but the same policies are becoming a major headache for nationwide retailers such as Best Buy which this morning reported that despite beating on the top and bottom line (revenues of $11.9 billion vs expectations of $11.7BN, EPS of $2.08, beating est of $1.96), its margins missed, echoing the same margin crunch theme that emerged recently with big box retailers such as Walmart.
Gross margin fell 0.1% to 23.5%, Best Buy said, missing the 23.6% average of analyst estimates compiled by Bloomberg, while the decline in the core U.S. operation was steeper. The company also reported a 10% drop in domestic online revenue as more shoppers returned to stores.
But besides the usual margin-crushing suspects of frayed supply chains and deep discounts as a result of stepped-up promotional activity and a drag tied to its new TotalTech membership program, the company brought up the reason why Democrats are looking at far more losses in the coming months as a reason for the margin drop: organized theft.
“We are seeing more and more particularly organized retail crime,” Chief Executive Officer Corie Barry said on a conference call with analysts. “You can see that pressure in our financials, and more importantly, frankly, you can see that pressure with our associates. It’s traumatizing.”
Oppressed dude shoving a cell phone down his pants as reparations for white devils enslaving his ancestors.
Best Buy’s unexpected struggle to shore up gross margin comes after the recent stock surge boosted Wall Street’s expectations. That’s why today’s sharp return to reality sent BBY shares plunging as much as 17% to $115.01 in New York trading — the biggest intraday plunge since the covid crash on March 18, 2020.
Hilariously, Best Buy had advanced 38% this year through Monday, attaining record levels and outpacing the 28% gain of an S&P 500 index of consumer discretionary companies. Because while BBY channel checkers were right and traffic was indeed off the charts; alas most of that foot was courtesy of thieves.
Closing stores won’t slow theft. These retail theft criminals commute to commit their crimes. IF one stores closes they will just go to another one.
I have a feeling that Amazon and other internet sellers had something to do with it.
they do
cops who want extra time can sign up for these security details
my company always had a cop in the parking lot on the weekends. we cut a check for it.
I thought the looting was in response to Kyle Rittenhouse being acquitted.
Best Buy is somewhat woke so they’ll take this for the team no?
I enjoy watching these bums taking what they want (up to $999, gotta stay within the statute) and then walking out the door. It's only property after all, and liberals dig it.
Excellent info, thanks.
Thefts will continue....
The only reason many people don’t commit crimes is they are afraid of being arrested, convicted and punished by going to prison.
Take all that away (with “no bail” in NY and others) and defund the police. No worries. Obviously they are not religious “God fearing” criminals.
As to store closings, all good people will miss the convenience and competition among stores.
In the City of Detroit, the ongoing thefts every year led all the major supermarkets to close and then boycott building in the city. Lots of outside areas got the new stores.
Personal story: Long ago when I started attending Wayne State University for my political science degree I shopped the first day at a store later burned to the ground in the Detroit riots of 1967 (and shown on national magazines and TV as an example) as I left the store about 5 or 6 young kids rushed up to me all talking at the same time “Just want your receipt, please, mister, just give us the receipt, that’s all I want.” This was to let them go inside, select my paid items again and leave saying “Here’s my receipt.”
I said no and always shopped out of town after that day.
Detroit agitators called it “racism” and said they had “food deserts.” Too bad.
Post 5 ::::::Brings a smile to every poster’s face. Subtle.
Amazon is laughing all the way to the bank over this.
He might as well be stealing out of your house. His theft directly affects prices and our ability to buy what we want.
That guy has no concern who pays for what he steals......as long as he doesn’t have to as he walks out the door.
23.5% gross margins. Pretty thin in general. No wonder Best Buy clerks push extended warranty contracts for virtually anything you buy.
“Would you like an extended warranty on your USB-C cable?”
“Uh, no thanks. The warranty will cost more than the cable.”
I have been convinced, for years, Bezos employs ferals staff to wipe out malls and store fronts.
No skin off my nose. Let it all 🔥 burn.
Loss of competitive edge due to forced price increases is skin off every consumer’s nose.
Don’t care one bit.
Security + florescent paint balloons = mark suspect, car (especially if broken inside) and make merchandise unable to be resold.
“Closing stores won’t slow theft. These retail theft criminals commute to commit their crimes. IF one stores closes they will just go to another one.”
Yes, they will. And so the cycle will continue. And amazingly, the stores in the areas that prosecute and vigorously punish thieves will remain open and accessible.
Stupid should hurt.
Some of that build back better going on.
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