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Wal-Mart (WMT) Sales in Decline
The much-anticipated earnings report from Wal-Mart Stores Inc. (NYSE: WMT) and new data from the U.S. Department of Commerce yesterday (Thursday) showed that consumers are not only reeling in their discretionary spending, but may also be pulling the reins on the necessities.
Retail sales fell 0.1% in July from the previous month, and 8.3% from a year ago, the Labor Department said. Excluding auto sales, the sales declined 0.6%. A Bloomberg News poll of 76 economists projected sales including autos to rise 0.8%.
Grocery stores, where consumers find many necessities, saw their sales decline to $43.74 billion in July, down 1.4% from June’s $43.87 billion.
The…
14Aug2009 | Money Morning | 0 comments | ContinuedYou Should Be Getting Excited About 2009
Sometimes it seems there’s just no light at the end of the tunnel. Even those of us who try to look at the bright side of things are getting worn down a bit. On the surface, it seems like there is nothing good coming around the corner.
Housing prices continue to drop. Commercial real estate prices are catching up fast. State budgets are facing deep deficits and a couple of them (Michigan for sure) are headed for bankruptcy. Retailers are cannibalizing each other by slashing prices just to get any sales at all (ain’t capitalism grand – if you’re prepared?).
To top…
30Dec2008 | Q1 Publishing | 0 comments | ContinuedGlobal Investing Roundups
Demand Drops Crude; Volkswagen Races Ahead; Yen’s Strength Sinks Stocks; Verizon Dials Up Gains; Sept. Home Sales Up; Wal-Mart Scales Back; Citi Rejects Goldman Merger
- Crude oil for December delivery declined 1.4% yesterday (Monday) with a 93-cent drop to close at $63.22 a barrel on the New York Mercantile Exchange. Oil futures are down 57% from the July 11 record of $147.27 and 31% down from a year ago, Bloomberg News reported. “With all of the stock markets going down, there’s going to continue to be downward pressure,” said Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. (MF)…
Wal-Mart Getting Roll-Back Pricing on Taxes?
Ads featuring Wal-Mart (NYSE: WMT) are all over the television recent days. Normally, that would be a good thing for the discount retailer. In this case, however, Wal-Mart is being used in a Barack Obama political ad. The ads claim that John McCain is giving millions of dollars in tax cuts to Wal-Mart “and millions more to its CEO.” Seeking to play off the resentment many small communities and small business owners feel when a Wal-Mart store opens up in their towns, the Obama campaign is using the company as a surrogate for the evils of big business and the politicians…
23Sep2008 | Managing Money | Comments Off | Continued
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