Retailers howled about theft last year. Why not now?

For much of the past year or so, executives at big retailers did something unusual: They talked about theft in their stores. A lot.

Walmart's CEO warned it could lead to store closures and higher prices. Target's CEO said it was costing the chain upward of a billion dollars. Home Depot's finance chief called it a "consistent pressure" that the chain is "tackling every day."

With a backdrop of viral videos showing brazen and violent thieves, crime became a common theme on retailers' typically dry quarterly earnings calls. Executives often mentioned "shrink" — inventory missing for one reason or another — as a factor behind declining profits. The list grew long: Macy's, Best Buy, Dick's Sporting Goods, T.J.Maxx, Dollar General.

Fast-forward to this year, and the fever pitch seems to be fading.

So far this earnings season:." T.J.Maxx's parent company found it . Target cited "." Many didn't mention shrink at all. Two retailers hurt by theft in the past — Ulta and Dick's Sporting Goods — will address investors on Thursday.