‘Maybe we cried too much’: Walgreens hints it exaggerated shoplifting surge

Financial chief James Kehoe admits company may have overstated purported problem, which fueled rightwing outrage over crime

A major US drugstore chain that supposedly experienced a surge in shoplifting last year - fanning the flames of conservative outrage over a purported spike in crime and disorder - said on Thursday that it might have overstated the problem.

Walgreens' chief financial officer, James Kehoe, said during an earnings call that shrinkage" - the difference between a balance-sheet inventory and actual stock - had returned to lower levels after a brief rise. Retail shrinkage is largely due to theft, though some is also due to accidental damage or loss.