{"id":53602,"date":"2023-08-27T12:30:27","date_gmt":"2023-08-27T16:30:27","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/theft-is-hitting-different-retailers-differently-this-one-suggests-good-customer-service-can-be-part-of-the-solution\/"},"modified":"2023-08-27T12:30:29","modified_gmt":"2023-08-27T16:30:29","slug":"theft-is-hitting-different-retailers-differently-this-one-suggests-good-customer-service-can-be-part-of-the-solution","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53602","title":{"rendered":"Theft is hitting different retailers differently \u2014 this one suggests good customer service can be part of the solution"},"content":{"rendered":"
\n

Theft has been the theme for the retail industry\u2019s earnings season this month, and with it the industry metric known as \u201cshrink.\u201d But sports-centric retailer Hibbett Inc. said Friday that the hit to margins from theft wasn\u2019t that much. <\/p>\n

So-called \u201cshrink\u201d is a metric retailers use to measure losses of items attributed to theft, fraud or employee error. But retailers calculate it differently, and some observers say that crime data \u2014 and executive commentary \u2014 are often too broad and vague to adequately gauge the issue, and risk warping the policy response. <\/p>\n

\n

\u201cSimilar to most retailers, we\u2019ve seen some elevated\u00a0shrink\u00a0levels really over the last couple of years,\u201d Ben Knighten, senior vice president of store operations, said on Hibbett\u2019s
\n HIBB,
\n +22.16%<\/bg-quote>
\n earnings call. <\/p>\n

\u201cYou know, organized crime is real and it does impact us,\u201d he continued. \u201cThat said, kind of comparing to last year,\u00a0shrink\u00a0really hasn\u2019t had a material impact to our gross margin percentage. I\u2019d also point out that\u2019s included our guidance for the back half of the year. We really focus on, you know, customer service, and that\u2019s really our biggest deterrent from a shrink\u00a0perspective and doing that each and every day.\u201d <\/p>\n

Chief Executive Mike Longo said that, similar to remarks from Walmart Inc.
\n WMT,
\n +0.59%<\/bg-quote>,<\/span>
\n thefts had been \u201cuneven\u201d across the nation. Hibbett runs nearly 1,150 Hibbett, City Gear and Sports Additions stores across 36 states. <\/p>\n

Hibbett did not immediately respond to a request for more information. Shares of Hibbett jumped 21.7% on Friday, after the company reported a better-than-expected profit. <\/p>\n

That jump came after results earlier in the week from athletic-gear retailers Foot Locker Inc.
\n FL,
\n -1.43%<\/bg-quote>
\n and Dick\u2019s Sporting Goods Inc.
\n DKS,
\n -1.66%<\/bg-quote>,<\/span>
\n both of which prompted investors to race for the exits. Both retailers are retrenching amid shaky demand trends. But they cited theft as a growing issue. <\/p>\n

However, Nordstrom Inc.
\n JWN,
\n -7.73%<\/bg-quote>
\n said \u201cWe have not seen continuing rising of shrinkage that has exceeded what we plan.\u201d <\/p>\n

Shares of Hibbett are down 34% so far this year. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Theft has been the theme for the retail industry\u2019s earnings season this month, and with it the industry metric known as \u201cshrink.\u201d But sports-centric retailer Hibbett Inc. said Friday that the hit to margins from theft wasn\u2019t that much. So-called \u201cshrink\u201d is a metric retailers use to measure losses of items attributed to theft, fraud […]<\/p>\n","protected":false},"author":1,"featured_media":53603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-53602","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTheft is hitting different retailers differently \u2014 this one suggests good customer service can be part of the solution | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Theft has been the theme for the retail industry\u2019s earnings season this month, and with it the industry metric known as \u201cshrink.\u201d But sports-centric\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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