Marketwatch | August 25, 2023
Lots of big retailers this summer are talking about theft, and how it’s hurting profit. But when an analyst asked department-store chain Nordstrom Inc. JWN, -9.13% about the subject on Thursday, following a massive late-afternoon robbery at one of its stores this month in California, executives said levels of theft haven’t been beyond what they expected.
“Certainly what happened at our Topanga store is disturbing to all of us,” Chief Executive Erik Nordstrom said on the retailer’s earnings conference call on Thursday, referring to the robbery, at the Westfield Topanga shopping center northwest of Los Angeles. “The loss is a concern. Losses from theft are at historical highs. We find it unacceptable and it needs to be addressed.”
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