Walmart warns on US weakness

[RamboLiberal]

Source: FT.com

Walmart, the biggest US retailer by revenues, warned on Tuesday that persistent weakness in the US economy was putting pressure on its low income consumers who are increasingly worried about unemployment and becoming more reliant on government assistance.

The struggling US economy is continuing to take its toll on Walmart’s domestic sales as it reported its ninth consecutive quarter of falling sales at US stores open at least a year. Comparable store sales at Walmart in the US, excluding fuel sales and purchases at Sam’s Club stores, were down by 0.9 per cent from a year ago.

“We remain concerned about the economic pressure on our customers and the uncertain impact it can have on their shopping behaviour,” Bill Simon, chief executive of Walmart’s US business, said. “With this volatility, it is as important as ever to deliver on Walmart’s one-stop shopping promise for broad assortment and every day low prices.”


Read more: http://www.ft.com/cms/s/0/9c57d3e6-c7fc-11e0-9501-00144feabdc0.html#axzz1VEsK0SF2

[Newest Reality]

1. That's hidiously hysterical!

Wal-Pig is the business model for the kind of employment that creates conditions like strapped consumers who can barely pay their bills or eat, (without assistance).

So, the company is trying to divert attention to their antics and impact on our economy by issuing such a statement? Gosh forbid they should provide full-time employment with benefits or a decent wage.

No, this is another, "Hey its that shiny thing over there doing it, and we are concerned! Concerned I tell you!"

Pot, meat kettle. wal-Pig can go to Hell ... wait, they are turning the World into Hell. Forget that.

[RKP5637]

3. Exactly, lots of people lost jobs, businesses, etc. on main street as Walmart

waltzed in and decimated community shopping areas. Now, they have the gall to say this.

When I go back to my hometown the center of the city is dead, and on the outskirts sits a big F'en Walmart. The community was devastated by Walmart. Just about all of the small businesses are gone, parts of it look like a ghost town.

I'm so F'en tired of the "new" America. It sucks big time. It's becoming nothing but a ripoff country.

[RamboLiberal]

4. Yeah like the burden they put on the health care system

And taxpayers since many of their workers lack adequate health insurance.

[DontTreadOnMe]

2. ninth consecutive quarter of falling sales at US stores

Someone posted yesterday to me that Moody's predicts 3% GDP growth next year... so who do I believe?

[Yo_Mama]

17. Walmart

They aren't always the cheapest around for groceries, but they have a very big percentage of the nations low-to-mid retail, and when they keep racking up these numbers, you can be sure that the average consumer is having problems getting by.

[Yo_Mama]

18. I also follow company's like Kellogs and Campbell

Campbell has been unable to grow (and been losing) soup sales for years inside the US. They are going outside for growth, and it is really because too many lower-income people can't afford to buy their product any more.

It's a sad commentary on US living standards, and one I think of every time the SS debate comes up. I think policy makers are out of touch.

Edit to add link:
http://www.forbes.com/2011/07/06/analyst-moves-cpb-twx-marketnewsvideo.html

[sarcasmo]

33. We have become a third world country.

[leveymg]

23. All the growth in the U.S. is at the top. That's what those two sets of numbers mean.

[louis-t]

5. Then they need to stop supporting republicans.

Simple as that.

[bluedigger]

6. Wal-Mart profit rises 5.7% despite weak U.S. sales

Wal-Mart profit rises 5.7% despite weak U.S. sales

http://www.latimes.com/business/la-fi-wal-mart-earnings-20110817,0,3593042.story

[rocktivity]

7. Present company included?

Walmart can certainly be seen as an American weakness!

:boring:
rocktivity

[Incitatus]

8. fucking assholes nt

[ShockediSay]

9. Foreign sales vs US consumers & guess what?

We in the US lose out, and the Walmarts of the world leave US hurtin.

[Butch350]

10. The Only Way To Kill The Beast....

is to stop feeding it.

[EC]

11. The first paragraph says it all,

what do they want? It sounds as though they want the government to cut the unemployment etc. since they just had to mention, "becoming more reliant on government assistance."

They're also the ones that hand out sheets on how to get on the state's Medicaid programs so they don't have to provide insurance.

[cstanleytech]

13. It could be read that way or many ways such as

maybe they were hinting that they will be raising prices if the tax breaks do expire in 2012 and or that they will be laying minimum wage people off, they wouldnt be the first corporation that didnt try to blackmail/influence the government that way I assume.

[GeorgeGist]

12. see my sig line

[PA Democrat]

14. In other news heroin dealer warns users of addiction.

[RUMMYisFROSTED]

15. Low income consumers.

Says the #1 producer of said class.

[harmonicon]

19. +1 (nt)

[thelordofhell]

16. "We're concerned that people won't buy our cheap, Chinese crap anymore"

[Rex]

20. Go out of business already! Costco is a million times better!

Like we have to give a crap about Wal-Mart, fuck them the owners could own a few small countries ten times over.

[eridani]

21. I guess that they now don't like the results of their long-term goal

--which has been to keep their employees so poor they can't afford to shop anywhere else. Now they can't even afford to shop at Walmart.

[Skittles]

22. oh FUCK YOU WALMART

you're a HUGE reason why the American economy is swirling the bowl

[Kolesar]

24. The Walton billionaires need to lobby their 'puke congress for a stimulus package

That is the only way out of this mess.

[Vinca]

25. I imagine if you could walk into a Walmart and find products

made in this country we wouldn't be in this mess. And to think Walmart figured "greed" was a win-win.

[Dogtown]

26. K&R n/t

[RainDog]

27. LOLOL - then pay taxes, assholes - and pay living wages, assholes!

honestly - WalMart is talking about the problems with low-incomes in America? They're one of the reasons...

[OhioChick]

28. Poor Walmart....People can't afford their cheap Chinese shit anymore

:nopity:

[tawadi]

29. “We remain concerned"

If they are so concerned they can start by providing a living wage and better working conditions for their own employees.

[snooper2]

30. Aw, still pissed because you are losing customers to Aldi and Target

[cyberpj]

31. On one of the cable news shows last night someone said 1 OUT OF 10 consumers are Walmart customers!

I found that amazing.

My husband said yeah... it's amazing it's not MORE than that considering how they've pushed so many others out of business.

[Blue_Tires]

32. I love how WalMart sees themself as completely blameless for falling revenue

[No Elephants]

34. WalMart should give out welfare applications to its full time employees.

They need some way to be able to afford to live.