Wal-Mart posts disappointing Christmas sales |
| Thursday, 08 January 2009 | |||||
 Wal-Mart today posted lower than expected sales growth in December and blamed the global economic turmoil for the dip.The retailer said like-for-like sales excluding fuel rose 1.7% during the month, after analysts on average had predicted a 2.7% jump. Vice chairman Mike Duke said: "Our customers around the world continue to feel pressure from the current global economy, leading to sales for Wal-Mart International that were below expectations. "As we see consumers focusing on the necessities in this environment, we are reinforcing the value we provide to them through our every day low-price philosophy." Eduardo Castro-Wright, vice chairman, added: "Due to the difficult economy and severe winter weather in some regions, the holiday season was more challenging for retailers than expected." The firm concluded that the market will continue to be challenging for businesses. On New Year's Eve, Wal-Mart-owned Asda revealed 23 December was its busiest day ever. The firm said food and drink sales held up well the week before Christmas. Sainsbury's earlier today added to that cheer by recording like-for-like sales growth of 4.5% in the third quarter. Wal-Mart has also reportedly joined the Russian retail association, leading to speculation it is about to expand there. Related Articles
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SheilaWatson
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