several law firms from wall street ,sensing blood in the water, after the stock tanked this year have filed class action lawsuits on behalf of investors against whole foods market.they claim whole foods was cooking the books,especially with prices and earnings..ive heard my stl mention "stakeholder" issues to the tl's at inventory and why counting and spoilage were big issues..lol...that aint the problem....google it..
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Recording shrink doesn't mean you can fluff up your numbers. It only has to do with what you purchased and what you have at the end of inventory. Wholefoods is moving away from high margins and will focus more on building sales .
Our bakery team would purposely fill cups with extra product and record the difference as unrecorded shrink.
I questioned numbers at a store level all the time- unlike most i knew how they worked..what it meant..and it rarely made sense. this is just disappointing..on so many levels
http://www.cnbc.com/2015/09/29/business-wire-investor-alert-brower-piven-encourages-investors-who-have-losses-in-excess-of-100000-from-investment-in-whole-foods-market.html ... http://www.cnbc.com/2015/09/22/business-wire-gpm-announces-the-filing-of-a-securities-class-action-on-behalf-of-whole-foods-market-inc-investors.html
I remember the spiel of unknown shrink and recording shrink twice. Negative unknown shrink was good for the company. I remember having my ass handed to me when I questioned it in a specialist meeting. I broke records, comped when no one else did and made them more money every period.I am now laid off. I will take my skills elsewhere.
Someone needs to look deeper into unrecorded shrink targets. That's how they're overvaluing they products and hiding loss. I knew something was up when they started it a few years back.
go ahead and search cnbc under the "WFM" ticker and read the news at the bottom of the page...chump
Let's keep this discussion factual. This is nonsense.