Posted on 02/01/2014 9:01:30 PM PST by 2ndDivisionVet
Wal-Mart stores and its Sam's Club chain are apparently hurting from the cuts in the federal food stamp program that went into effect in early November.
The impact from the government's reduction in the Supplemental Nutrition Assistance Program benefits had a much greater effect on the world's largest retailer than originally expected by the company. Combined with consumer fears about the economy and winter storms that also hurt store business nationwide, the cuts made a bad situation for Wal-Mart even worse, according to a statement from Wal-Mart Chief Financial Officer Charles Holley carried by the Associated Press.
The estimated $5 billion cut from the program dragged down store sales over the Christmas period, more than offsetting the usual bump from the holiday season during the fiscal fourth quarter.
Noting that about 20 percent of Wal-Mart shoppers use food stamps, Morningstar financial analyst Ken Perkins told Reuters, "Wal-Mart caters to lower-income consumers which have been hit disproportionately hard relative to higher-income consumer."(continued)
(Excerpt) Read more at newsmax.com ...
I’ve seen the day laborers (and farm laborers) of Sussex County, the bodegas of Morristown, the taquerias of northeastern PA, the welfare strip of NY’s Hudson Valley; I have no misconceptions about the surrounding areas.
“If you live in NJ, you either do Wegmans/Whole Foods or Wal Mart if you are in the other end of the social bell curve. Not much choice in Kearny, Im afraid”
When I was younger, we had Foodtown, Pathmark, A&P, and TWO Shop-Rites; now we have Shop-Rite and Wal-Mart (and convenience stores and bodegas).
doh!!!!
What’s the disability that keeps you from working? If they don’t know what it is, how can they say you’re able to work?
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