Dick’s CEO Blames ‘Alarming’ Retail Theft for a Surprising Profit Drop: ‘It’s a Problem for Our Entire Country’

Dick’s Sporting Goods has reported a 23% decline in quarterly net profits, attributing a significant part of the decline to high rates of inventory shrink due to theft. The CEO, Lauren Hobart, emphasized the severity of the issue and the impact it has on retailers across the industry and the country. The unexpected loss in inventory was discovered during an annual inventory audit, which the company typically conducts ahead of the back-to-school shopping season.