Australian grocery prices have risen over the past year and some shoppers have been tempted to break the law to stretch their budget under cost-of-living pressures.
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The two supermarket heavy-weights released their profit reports on August 22 and 23, with Coles citing an industry-wide surge in shoplifting for lower profits than would otherwise be expected.
The company's stock plunged 5.8 per cent to $16.23 after the less-than-anticipated profits were announced.
Coles suggested "organised crime" could be behind some of the thefts.
A spate of thefts contributed to a 20 per cent increase in stock losses at Coles, chief executive Leah Weckert said.
"We're certainly seeing a lot more reports coming through from stores where they see a loss that is quite large and targeted," Ms Weckert said.
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"But we have also seen an increase in the organised crime side of stock loss as well, which is more coordinated and tends to focus on products in non-food areas, affecting large amounts [of stock] at the one time."
The supermarket is looking to address the issue by increasing security at stores and introducing initiatives such as trolley locks and smart gates.
ACT Police teamed up with in-store security guards to patrol shopping centres at Majura and Dickson with the aim of reducing shoplifting.
Detective Inspector Stephen Ladd described shoplifting as "a crime of opportunity", with large retailers such as supermarkets unable to keep an eye on all of their goods all of the time.
"This operation is a timely reminder to thieves that police can be anywhere, anytime," he said. "Shoplifting may seem like a harmless offence, but it is still a crime and police will continue to target this type of offending."
With Australian Associated Press
Anna Houlahan
Reach out with news or updates to anna.houlahan@austcommunitymedia.com.au
Reach out with news or updates to anna.houlahan@austcommunitymedia.com.au
