Walmart Profit Drops 21 Percent so They are Opening More Stores
NEW YORK (AP) — Wal-Mart Stores Inc. offered a weak profit outlook Thursday, signaling that it expects economic pressures to keep weighing on its low-income shoppers around the world.
The world's largest retailer also said its fourth-quarter profit, which covers the crucial holiday season, dropped 21 percent. Its Wal-Mart stores recorded their fourth consecutive quarter of declines in revenue at stores open at least a year.
The company, which is based in Bentonville, Ark., said it would speed up growth plans for its smaller stores under Neighborhood Markets and Wal-Mart Express to cater to shoppers looking for more convenience. It will now open 270 to 300 small stores during the current fiscal year. That's double the initial forecast for adding 120 to 150 stores.
http://www.huffingtonpost.com/2014/02/20/walmart-profit-drop_n_4822196.html
It looks to me like their employees that used to get food stamps because of the sorry wages they paid can no longer buy any of their made in China junk since food stamps have been cut. Plus shoppers are getting sick and tired of the way they treat their employees and have started shopping at stores that pay their help better and therefore get better service. Opening more stores is not the answer IMO. Being less greedy might help a lot.