By Denny Jacob

Walmart Inc. could raise prices or close stores if a lack of prosecution for thefts under a certain level aren't corrected over time, said Chief Executive Doug McMillon on CNBC's "Squawk Box."

"Theft is an issue. It's higher than what it's historically been," said Mr. McMillon.

The retailer's CEO said safety and security measures are in place by store location. Local law enforcement being staffed and being a good partner is also part of the equation and how Walmart normally approaches the issue, said Mr. McMillon.

Walmart isn't the only retailer contending with theft. Best Buy Co., Home Depot Inc., and Target Corp. in recent months have said the issue is affecting their operations as well.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 06, 2022 11:04 ET (16:04 GMT)

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