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Best Buy CEO Corey Barry is warning of a rise in organized retail crime at its locations.

“I think you’ve probably seen in the media that in retail, we’re certainly seeing more and more, especially organized retail crime and shrinkage in our locations. And I think you’ve seen other retail We’ve heard vendors talk about it, and we’ve certainly seen it too,” she explained Tuesday on the company’s third-quarter earnings call.

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“Our priority has always been the safety of our people, whether it’s a pandemic, whether it’s unruly customers, whether it’s outright theft, which is what we’re seeing right now, and that’s a big deal. A real issue that hurts real people.” does and scares.”

‘Smash and Grab’ attack witnessed by 20 robbers at Nordstrom store in Los Angeles

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To combat rising crime, the consumer electronics retailer is hiring security guards and working with vendors on creative ways to stage its products.

“This is painful and unacceptable to our allies,” Barry stressed. “We are doing everything we can to try to create as safe an environment as possible.”

anchorthe protectionThe lastChangeChange %
JWNNordstrom, Inc.31.93-0.39-1.21%
LVMUYLVMH Want Hennessy from Louis Vuitton162.19-0.93-0.57%

Barry told reporters during a separate call that the company is seeing an increase in organized theft across the country, but particularly in San Francisco. The disclosure comes as other retailers including Nordstrom and louis vuitton, has been killed in a series of recent robberies by brazen thieves in the past few days.

Shares of Best Buy sank Tuesday, despite reporting better-than-expected third-quarter earnings, as it offered a fourth-quarter holiday sales forecast that fell short of analysts’ estimates.

The company expects between $16.4 billion and $16.9 billion in fourth-quarter revenue and a 2% decline from comparable sales growth of 1%. Meanwhile, full-year revenue is expected to grow between $51.8 billion and $52.3 billion, while same-store sales are expected to grow between 10.5% and 11.5%.

anchorthe protectionThe lastChangeChange %
BBYBest Buy Co., Inc.121.01-16.99-12.31%

In addition to an increase in organized retail crime, Barry said Best Buy is facing shipping delays and higher costs. He also cited “pockets of obstacles” in areas such as appliances, gaming and mobile phones.

“We have varying degrees of inventory and supply chain challenges every holiday season, and this year will be no different,” Barry said. “But we entered Q4 with 15% more inventory year-over-year and feel confident in our ability to serve our customers throughout the holiday.”

To address its supply constraints, Best Buy says it is “increasing product flow, adjusting store assortment based on availability, and obtaining additional alternative transportation.”

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