Costco CFO Says Company Has Been ‘Fortunate’ To Avoid Theft

  • Costco CFO Richard Galanti said Thursday the company has been “fortunate” regarding theft.
  • Galanti at one point said during Thursday afternoon’s earnings call that Costco’s shrink “is intact,” saying the company hasn’t “seen any major changes in shrinkage.” He noted it was a question the company had received a “couple times of late because of some of the companies out there that reported much higher shrink.”
  • In the retail industry, the word “shrink” refers to theft and other inventory loss.
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