The statements from Home Depot CFO Richard McPhail and Home Depot’s vice president of asset protection, Scott Glenn, indicate a significant spike in retail theft, which is causing concerns for both big and small businesses. According to McPhail, the country is facing a retail theft problem that is putting pressure on businesses. However, he expressed confidence in Home Depot’s ability to mitigate and lessen the impact of this issue.
In March, Glenn stated that crime rates were increasing in their stores, with incidents of theft rising into double digits. This suggests that Home Depot is experiencing a significant increase in theft-related incidents, which could potentially impact their operations and profitability.