Wal-Mart has reported the most horrible sales the retail chain has had in years. On Feb. 15, 2013 Money News has reported on a Bloomberg story, Wal-Mart Executives Sweat Slow Start to February Sales. According to internal e-mails obtained by Bloomberg News, Wal-Mart Stores Inc. had the worst sales start to a month that it has had in seven years as payroll-tax increases hit shoppers already fighting a slow economy.
Jerry Murray, Wal-Mart’s vice president of finance and logistics, said in a recent e-mail to other executives, “In case you haven’t seen a sales report these days, February MTD sales are a total disaster. The worst start to a month I have seen in my ~7 years with the company.” Wal-Mart, along with discounters such as Family Dollar Stores Inc., are bracing for an increase in the payroll tax to take a bigger bite from the paychecks of shoppers who are already dealing with elevated unemployment.
Ray Goldbacher has also reported on this story for USA Today, Wal-Mart stock hit by sales 'disaster' report. On Friday, after Bloomberg quoted an internal memo that called February sales at the world's biggest retailer "a total disaster," the stock of Wal-Mart Stores (WMT) dropped like a rock. The shares of Wal-Mart ended Friday down 2.2% at $69.30 apiece.
