![]() ![]() peers in 2023, according to experts who see the finance and resource-heavy market besting American indices with larger weightings in growth sectors like technology. (REUTERS/Chris Helgren)Ĭanadian stocks are set to outperform U.S. Analysts looking ahead to stocks in 2023 say Canada's main stock market will benefit from its hefty financial and energy sectors. ĭownload the Yahoo Finance app, available for Apple and Android. "We've got indicators that are telling us that it is peaking and in certain instances it's getting a little bit better," he said, adding that the company expects to have more information about the progress on shrink in its next quarterly results.Īlicja Siekierska is a senior reporter at Yahoo Finance Canada. Theft costs Canadian retailers billions of dollars a year, costs that are passed on to you and I as consumers when we go shopping."ĭufresne says Loblaw has been "investing capital and labour in-store for close to a year now" to deal with shrink, and that the company expects it is "peaking." "People often think that retail crime is a victimless crime, but it's not. Additional training for their staff on de-escalation is also important," an RCC spokesperson said in an emailed statement. "Some retailers have added security guards in their stores or have hired off-duty police officers. The group says it has been working with retailers to help implement loss-prevention strategies. The Retail Council of Canada (RCC), an industry group that lobbies on behalf of retailers, says shoplifting has increased across all categories including food, apparel and footwear merchandise. "Worsening shrink rates are putting significant pressure on our financial results," Target chairman and CEO Brian Cornell said in May. retailer Target says inventory shrinkage – mostly the theft of merchandise – would dent profits by $500 million in 2023. Dollarama said in June that retail shrink has been increasing over the past few quarters. ![]() Many retailers have been grappling with rising theft in the wake of stubbornly high inflation. Story continues Loss-prevention strategies As we are working to find the right balance, we welcome our customers' input and as always, appreciate their understanding." "We've had to make some changes in how our stores operate to stop this crime – adding locked cabinets, time-delay safes and security gates – while at the same time maintaining a welcoming and convenient customer experience. ![]() "High-value fragrances in our Shoppers stores have been a target, as well as cosmetics, baby formula and even carts full of thousands of dollars of products pushed right out the front door," Thomas said. Loblaw spokesperson Catherine Thomas says in an emailed statement that the comments were not regarding shoplifting, but "organized retail crime." As we put that (in), it will definitely help (with) shrink." Those are high-priced items, which when they go, it hurts the bottom line. You're going to see more of those over the coming months. That's where professional thieves have been focused on, so we've locked up many of these fragrances. "If you go in-store, you will see what we refer to as fragrance lockups. That's an area we have spent a lot of effort (on)," Dufresne said on the call following the release of second-quarter results. If shrink had been excluded from gross margins calculations at the company's Shoppers Drug Mart business, Loblaw's chief financial officer Richard Dufresne told analysts on a conference call Wednesday that gross margins would have been up at the drug retail business in the quarter. Shrink is when a company loses inventory due to factors including theft, product damage, and fraud, among others. Loblaw ( L.TO) says it is locking up certain items at Shoppers Drug Mart stores that have been targeted by "professional thieves" as it invests more money and labour to deal with inventory losses.Ĭanada's largest grocery retailer says retail gross margins – the amount of profit made on goods measured as a percentage – declined slightly in the second quarter of the year due to higher supplier costs and higher shrink. Loblaw says it is locking up certain items at Shoppers Drug Mart stores that have been targeted by “professional thieves” as it invests more money and labour to deal with inventory losses. ![]()
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