Posted on 02/15/2013 1:19:31 PM PST by mykroar
Shares of Wal-Mart Stores Inc (WMT.N) fell 3 percent on Friday after Bloomberg quoted a mid-level executive's email as saying the world's largest retailer had the worst sales start to any month in seven years in February.
Wal-Mart executives blamed the poor sales performance on increased payroll taxes as well as delayed tax returns, Bloomberg said.
Higher payroll taxes this year are seen as a potential problem for Wal-Mart and other discount retailers that try to attract lower-income customers who have less disposable income.
"In case you haven't seen a sales report these days, February (month-to-date) sales are a total disaster," Jerry Murray, a Wal-Mart vice president who works on finance in the U.S. logistics division, said in a February 12 email to other executives, Bloomberg reported. "The worst start to a month I have seen in my (about) 7 years with the company."
(Excerpt) Read more at reuters.com ...
That sounds like the logic of a department getting their budget cut if they don’t spend all of the previous year’s budget.
I’ll try that sometime, thanks.
LOL!!
Walmart is publicly traded and so, their figures are published. But it isn’t just Walmart. It is the locally-owned tire shop, the private practice veterinarian, the massage therapist, the manufacturer & vendor for the *recession-proof* sewing industry, the chiropractic supply and every other little business in America. YOY is about the same: s-l-o-w.
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