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Leaked Emails, Wall Mart Execs Ask, “Where are all the customers? And where’s their money?” (Hint: Wall Street took it all)

Wal-Mart Stores Inc. had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg News.

” In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal- Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales. ” The worst start to a month I have seen in my ~7 years with the company.”

Wal-Mart Stores Inc.’s shares rose 14 percent in the 12 months through yesterday, compared with an 8.5 percent gain for the Dow Jones Industrial Average. Photographer: Andrew Harrer/Bloomberg

Wal-Mart and discounters such as Family Dollar Stores Inc. are bracing for a rise in the payroll tax to take a bigger bite from the paychecks of shoppers already dealing with elevated unemployment. The world’s largest retailer’s struggles come after executives expected a strong start to February because of the Super Bowl, milder weather and paycheck cycles, according to the minutes of a Feb. 1 officers meeting Bloomberg obtained.

WALL MART STORES

 

2 Comments

  • Bernie says:

    I believe , we are on the wrong track . NOW the middle class
    saving goes to end. I had the worst sale in 26 years .
    It take to long , to get the lost money back through the courts.

  • neidermeyer says:

    Walmart has been losing customers to even deeper discounters like DollarTree for years … Downward mobility has it’s limits ,, next step .. barter only markets..

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