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Data: FactSet; Chart: Axios Visuals

Best Buy is the latest retailer — joining Kroger and others — to say "organized crime" is weighing on its bottom line.

Why it matters: Companies say profits took a hit for all sorts of reasons. It's not every day that theft is a scapegoat.

  • Best Buy says there was a jump in groups stealing merchandise. They say it's happening across the country, but Northern California is a hot spot. (Walgreens says theft forced store closures there, though crime stats may not support that.)
  • "You can see that pressure in our financials and, more importantly, frankly, you can see that pressure with our associates," CEO Corie Barry told Wall Street today, noting they will now lock up merchandise and hire security "in some instances."

The bottom line: Best Buy — which also called out supply chain costs, among other problems — saw its stock fall 12%, the worst decline since March 2020.

Go deeper

Nov 24, 2021 - Politics & Policy

Smash-grab wave hits California before holidays

Damage is seen Sunday at the Louis Vuitton store in Union Square, San Francisco. Photo: Danielle Echeverria/San Francisco Chronicle via AP

About 20 thieves used a sledgehammer and e-bike on Monday night to smash windows, then steal and wreck merchandise at the Nordstrom in The Grove, a luxury mall in Los Angeles, AP reports.

Driving the news: Over the weekend, groups of thieves — some carrying crowbars and hammers — smashed glass cases and window displays and ransacked high-end stores throughout the Bay Area just as the holiday shopping season began.

Updated 13 hours ago - Technology

From Malcolm X to "Free Britney," new media shapes the justice system

Illustration: Shoshana Gordon/Axios

True crime documentaries, podcasts and social media campaigns are bringing new attention to real-world legal proceedings — and are often affecting the outcome.

Why it matters: New media platforms can instantly put a national spotlight on cases that have long been forgotten or buried under red tape.

Updated 15 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.