Posted on 04/27/2011 6:58:06 PM PDT by Altura Ct.
NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, they're "running out of money" at a faster clip, he said.
Wal-Mart's ready to do battle on prices
"Purchases are really dropping off by the end of the month even more than last year," Duke said. "This end-of-month [purchases] cycle is growing to be a concern.
Wal-Mart (WMT, Fortune 500), which averages 140 million shoppers weekly to its stores in the United States, is considered a barometer of the health of the consumer and the economy.
To that end, Duke said he's not seeing signs of a recovery yet.
With food prices rising, Duke said Wal-Mart is charging customers more for some fresh groceries while reducing prices on other merchandise such as electronics.
Wal-Mart has struggled with seven straight quarters of sales declines in its stores.
(Excerpt) Read more at money.cnn.com ...
>Can someone say Obama’s Depression ?<
LOL, I actually use the phrase “we are living in the Obama recession” when I converse with our clients. Of course, I have to say it with a straight face.
EBT stands for Earned by Taxpayers. It’s another teat on the national sow.
I get paid twice a month...and one of the “checks” (direct deposit) arrives on the 1st (or a day or two earlier if the 1st is a weekend/holiday).
My thoughts exactly.
I think I have seen EBT cards used at Golden Corral as well — is that possible?
I also do grocery shopping at Wally World and often, as far as I can see ahead of me in line, I am the only one paying with my own money.
I think there’s a federal progam called SNAP or something like that. I know because it is actually ADVERTISED using our tax dollars on TV!
Our Walmart is on the edge of the suburb right next to a major city. We have a mix of suburbanites and poor city dwellers there. I see lots of white and lots of African Americans leaving with full carts. But I do see lots of EBT cards used by people of both races.
Eatin' by Taxin'?
EveryBody's Taking?
We are in the same slowly sinking boat. I drive an 8 year old vehicle, work 40+ plus any side ventures I can get into, don’t have an i-phone, and see a lot of these dregs of society at the local handout offices daily. I am all for helping people who genuinely need help. It’s those who game the system blatantly that make my blood boil.
My husband is paid mid-month and end of the month, typically last business day. So if we weren’t on Dave Ramsey’s plan, the first of the month would be when we’d shop because that’s when his check cleared the account.
Probably stocking up for Cinco De Mayo parties before next weekend and the first of the month when all the cards “recharge” and the store’s empty by the 2nd.
Americorps has its volunteers going out to sign more people up.
The EBT cards only work for food, not gasoline ... :-)
Food stamps (the EBT Cards) can’t be used for hot and prepared foods.
My thoughts exactly.
I think I have seen EBT cards used at Golden Corral as well — is that possible?
Are you kidding?
Every Jack In The Box and Carl Junior in LA has a “We Welcome EBT Cards “ sign on the front door. Seriously.
That’s the food stamp program ...
you should have added that that leech probably parked in a “handicap” spot..
...I also do grocery shopping at Wally World and often, as far as I can see ahead of me in line, I am the only one paying with my own money.........
Have seen this as well.
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