Wal-Mart CEO pushes plan to keep retailer growing
CEO Mike Duke assured shareholders that the “greatest priority” is to get its revenue at stores open at least a year — a key measure of a retailer’s health — to rise again. Shoppers are focusing on groceries and little else, said Bill Simon, president and CEO of its U.S. namesake business. He noted to reporters that it’s seeing the widest swing ever in spending around when shoppers get their paychecks. That’s making Wal-Mart scramble harder to offer smaller packages for shoppers at the end of the month and alter its staff scheduling. “Customers are struggling,” he said. Rising costs in commodities are also putting more pressure on Wal-Mart, which can’t pass big price increases along to its already-stressed shoppers.
Tag Archives: walmart
Retail Sales/Claims/Import Prices/Walmart
Karim writes:
Data supportive of the ‘low for long’ camp:
Retail Sales
- One of biggest misses in awhile; -0.1% vs expex of +0.8%
- Ex-autos -0.6%
- Control group -0.2%
- Look for early markdowns of Q3 GDP estimates
Claims
- Initial claims up 4k to 558k
- Continuing down 141k (prior week revised up 33k); net of extended and emergency claims -11k
Import Prices
- -0.7% m/m and -19.3% y/y (record drop)
- Ex-petroleum -0.2% m/m and -7.3% y/y
Walmart- Beats earnings estimates but misses on revenue
- “We are acclerating our focus on reducing our expenses”-CEO
- WAL-MART CEO SAYS THERE IS A `NEW NORMAL’ IN CONSUMPTION
- WAL-MART CEO SAYS PEOPLE ARE SAVING MORE, CONSUMING LESS
- WAL-MART U.S. COMP SALES IN 2Q BELOW PLAN
- WALMART REDUCED U.S. INVENTORIES FASTER THAN SALES DECLINE
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