Home Depot recently blamed the rise in store thefts on the opioid crisis, which ignited a Twitter backlash toward the company.
What happened: In a call to investors, the company said the recent rise in store thefts in Home Depot stores was due to the rise in opioid use and addiction, USA Today reports.
- Home Depot Chief Executive Officer Craig Menear: “This is happening everywhere in retail. We think this ties to the opioid crisis, but we’re not positive about that.”
- Home Depot did not cite any studies or reports that would have given it this number.
- Home Depot said it figures thefts would lead to 0.5% smaller profit margin next year, according to USA Today,
By the numbers: Thieves snagged $16.5 million worth of products from Home Depot.
- Home Depot lost $1.4 million becaase of the thefts, according to Menear.
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