Posted on 10/17/2015 7:28:54 PM PDT by SeekAndFind
Wal-Mart's second profit warning in two months should be a wake-up call for the political left. If America's largest private employer is struggling with its own pay increases, how will other businesses cope with even larger minimum-wage hikes?
Long the scourge of progressives for its relatively low wages, Wal-Mart (NYSE:WMT) announced early this year that it would unilaterally boost its own base wage, first to $9 an hour this past April and to $10 by February 2016.
"People have known that $10 was coming for a while," Wal-Mart CEO Doug McMillon told CNBC's Jim Cramer on Wednesday. "This news today was just we quantified it for everybody."
Wal-Mart's stock price promptly suffered its sharpest one-day sell-off in a quarter century, diving 10%. Shares kept falling, ending the week down 11.7%.
The stunning hit to profitability for the nation's biggest retailer raises serious questions about the Democrats' economic agenda to raise the minimum wage to $12 or $15 an hour, while asking low-wage employers to provide their workers with health insurance and paid sick leave. Wal-Mart Sees Big Earnings Slide Taken together with August's announcement of a 7% to 13% drop in earnings per share in the current fiscal year, Wal-Mart's latest warning of a further 6% to 12% EPS decline next year even as it plans to cut share count with a new $20 billion stock buyback points to a dramatic drop in profitability.
(Excerpt) Read more at news.investors.com ...
Man, if only that chili were based on pork instead of beef. I think that's the main trouble here.
You've seen that, while pork is presently very affordable, beef is presently off the charts high. Wolf brand chili is based on beef, unfortunately.
Like you said though -- for canned, it's darn good.
Meanwhile, go get some of that good ol' affordable pork and chicken and make some hellacious chili of your own!
I have long thought that if every high school junior, every College Professor and anyone who runs for political office were forced to pass basic Econ 101 and 102,
we would be a much more intelligent, deliberative country.
Really .. scare liberals ..??
They must be kidding.
THIS IS EXACTLY WHAT THE LIBERALS WANT. THEY WANT WALMART TO EARN LESS MONEY .. BECAUSE THAT MEANS THEY ARE FINALLY PAYING ENOUGH TO THE WORKERS.
Proving once again .. how stupid liberals are.
What gives any government the right to impose a minimum wage on private business?
Um, the 28th Ammendment?
Walmart also has allot of online as well. We always bought their store brand diapers and formula for our kids. We would buy it online as we where buying several hundred dollars of them per moth at one point. Thank God that nonsense is all but over!
Simply shipped them free and saved us the effort of going to get them. I have also found that they have the best prices on flat screen TV’s and many other items. They ship them to you and f there is a problem you can take them to the store for refund or replacement.
I also buy allot from Amazon. Just too easy and you can find almost anything.
I share your pain - I had three in diapers not too long ago (two at one time for a little bit). It was like a major pay raise when the last one was potty trained!
raising prices increases margin, but it cuts revenue, so total profit dives.
It's a good reason.
Had a similar experience when daughter's braces came off. Had enough to buy a car.
“...because low prices is the only conceivable reason people shop there.”
I appreciate having a good laugh this early in the morning.
[[”Walmart invested in Fudge Packers Inc. We rarely shop there anymore.”]]
Good for you. When the Arkansas legislature passed a law protecting the traditional family, WalMart was the first to complain. Of course, the squishy RINO governor caved in.
“Amazon”
exactly.
Walmart has all of the infrastructure and mechanisms to become a competitor with Amazon. Close the doors, lay off everyone and return to profitability.
These smaller 'neighborhood' Walmarts also serve as shipping points for online orders, so you can order online and pick up the merchandise at the neighborhood store.
Works great if there's no one home to receive packages for you.
Liberals do not care -> Walmart gone = more people dependent on government largess = more Dem voters.
“There are hundreds of thousands of us who may very well feel the same way. In fact, Walmart has gotten rich off the working men and women of the rural south...their major demographic target...what sheer stupidity for Walmarts CEO to put his dog in that fight.”
The ban on sales of the Confederate Flag and the special attempt to advertise the fact that they support LGBT by sponsoring their blatant perverted parade are just two of the reasons I stopped going to Wal Mart, period. I haven’t had to do without anything yet, but I would rather do without something than ever enter their establishments again. Other reasons are that the stores in my area became dirty and poorly kept starting several years ago, even the super stores. I’m a firm believer that there is a certain kind of punishing result that comes from supporting the dark side.
Yes, there are thousands upon thousands of us who realize that our freedoms are being trampled upon from every direction. If we all hit them where it hurts, in their profits, then they just might have to acknowledge that we exist.
This is nothing new for them. They were publishing admiring articles about the Soviet Union 90 years ago and on Fidel Castro 60 years ago.
Their masthead should read "Better Red Than Dead".
A nation does not build wealth scrubbing each others' toilets.
Now here, enjoy your bowl of gruel quinoa.
Shouldn’t they wait then?
If and when I shop at Walmart it is usually online. I can find groceries cheaper elsewhere. Recently bought a Tv from them online and they shipped it free, very quickly too. The remote didn’t work so I took it back to a local store. Easy peasy.
That’s the only way I shop at Walmart.
Hubby shops Amazon.
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