"It is a hand-to-hand combat battle still, unfortunately," said CEO Tim Wentworth during a recent earnings call, as quoted by Fortune, referring to shrink.
"But it does impact how sales work through the store because when you lock things up," he added, "for example, you don't sell as many of them. We've kind of proven that pretty conclusively."
"Our consumer remains under pressure from accumulated inflation and higher interest rates, and we are seeing continued value-seeking and channel-shifting behavior," Wentworth said.
The turnaround of our consumer retail business has been made more challenging by the persistent deterioration in consumer discretionary spending."
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