After they announced their dismal September results (sales not keeping up with inflation), I posted this over on the Wal-Mart board (feel free to chime in there as well):
Think of all the illegals (the Wal-Mart customer) who no longer have work building houses
Think of all the lower middle class families with ARMs resetting who can no longer afford anything beyond basics as they try to keep their homes
Think of all the middle class folks panicking because that wealth they thought they had in their homes just disappeared
America's housing crash will end up crashing Wal-Mart
Here's the announcement. Wonder how the market will take this Monday?
Wal-Mart reports weakest monthly sales in years
Wal-Mart said sales at established U.S. stores rose an estimated 0.5%, far off the 2-to-4% gain the company originally forecast for October.
On Oct. 23, company executives pared back their rosy outlook, saying that October same-store sales would be closer to September's figure of 1.3%.
The 0.5% same-store sales figure for October is the weakest since the 0.3% rise posted in December 2000, according to the Wall Street Journal.
Wal-Mart executives blamed the weak October figure on weakness in sales of women's apparel, as well as disruption to sales from remodeling efforts at almost half of its U.S. stores.
October 29, 2006
Is America's housing crash taking Wal-Mart down with it? Wal-Mart posts worst sales performance in years
Posted by blogger at 10/29/2006