Retail theft slightly decreases in 2011, NRF finds
NEW ORLEANS — Despite reporting an uptick in organized retail crime, the National Retail Federation revealed that retail theft rates decreased in 2011, according to preliminary results of the organization’s latest National Retail Security survey.
The results, which were presented at NRF’s Loss Prevention Conference and Expo in New Orleans, revealed that retail shrinkage — a loss of inventory due to employee theft, shoplifting, paperwork errors or supplier fraud — decreased to 1.41% of retail sales in 2011 ($34.5 billion), down from 1.49% in 2010 ($37.1 billion).
According to the preliminary survey findings, the majority of retail shrinkage in 2011 was due to employee theft, which accounted for 43.9% of total losses. Additionally, shoplifting accounted for approximately 35.7% of total losses, up from just over 32% last year. Other losses included administrative error (12.1% of shrinkage) and vendor fraud (5% of shrinkage). Retailers said that the cause of the remaining shrinkage was unknown.
"Retail theft continues to plague the industry, with billions of dollars of merchandise walking out of the store every day without ever being paid for," NRF VP loss Prevention Rich Mellor said. "Fighting these self-serving and unethical criminals has been a tedious battle, but we remain resolute in our efforts and our partnerships with law enforcement to combat this growing problem."
The study, which surveyed 100 retailers in the first half of 2012 and uses data from 2011, is the result of a partnership between the University of Florida and the National Retail Federation.
Kashi introduces organic cereals
LA JOLLA, Calif. — Kashi has launched two USDA-certified organic cereals that combine organic corn flakes with a touch of natural sweetness.
Kashi Simply Maize — made with whole organic corn that is puffed into hearty, crisp flakes with a touch of molasses — and Kashi Indigo Morning — which combines a delicious blend of crispy, golden, organic corn flakes with real blueberries and blackberries — are certified organic cereals and are free of preservatives, artificial flavors and high-fructose corn syrup.
The cereals now are available at retailers nationwide for a suggested retail price of $3.99.
Supernus gets preliminary nod for epilepsy drug
ROCKVILLE, Md. — The Food and Drug Administration has given tentative approval to Supernus Pharmaceuticals for a drug to treat epilepsy, the company said Tuesday.
Supernus announced the tentative approval was given to Trokendi XR (topiramate), a once-daily treatment for the seizure disorder. The company said final approval was conditioned on resolution of market exclusivity issues concerning certain pediatric populations.
"We are pleased to announce that the FDA has granted us tentative approval for Trokendi XR and that all of the scientific and procedural conditions for approval have been met," Supernus CEO, president and director Jack Khattar said. "We will continue to work closely with the FDA to further understand the outstanding issue and move forward toward final approval."