-
-
Wal-Mart reports a 2.4% increase in September sales - CNNMoney
Wal-Mart Stores reported Wednesday that sales in September were at the low-end of of its own forecast as its mostly paycheck-to-paycheck customers continued to pull back on discretionary purchases other than clothing and groceries.
The No. 1 retailer said sales at its stores open at least a year, a key measure of retail performance known as same-store sales, rose 2.4% last month. Wal-Mart (WMT, Fortune 500) had forecast a gain of between 2% and 3%.
Wal-Mart said gains were led by grocery and clothing purchases, and that other discretionary purchases were soft.
For October, the company said it expects same-store sales to increase between 1% to 2%.
Ken Perkins, president of sales tracker Retail Metrics, said he expects other discount chains to report similar trends as more consumers clamp down.
"The financial crisis that's taken place leading to a credit market freeze is clearly hurting an already soft spending environment," Perkins said. "Today's sales numbers will provide a clear-cut warning signal that we're heading for a very difficult holiday sales season," he said.
That's a huge problem for retailers given that the gift-buying months of November and December account for more than half of merchants profits and sales for the year.
"From here on, it will be a fight for survival for most retailers," he said, adding that he doesn't expect a pick-up in retail sales until late 2009.
"Consumer debt levels are high, access to credit has evaporated and the job market is weak," Perkins said. "Consumers will try to stretch every dollar and they aren't going to do that at department stores."
Sales tracker Thomson Reuters expects total September sales for 35 of the nation's largest chains it tracks to have increased 1.5%, in-line with last year's gain for the same period.
So far, 12 of the 35 retailers it tracks have reported their same-store sales. The firm said 64% missed their sales estimates, 24% beat and 9% met forecasts. Wal-Mart Stores reported Wednesday that sales in September were at the low-end of of its own forecast as its mostly paycheck-to-payche... more -
End the Paper Receipt Blues
As advanced as we have come in modern day America, why is it that we have to arduously sift through our cars, homes and trash cans to prove we bought something with a credit/debit card? The retailer that starts waving proof in a tiny sliver of paper will forever be in my good graces. Long live the indestructible electronic retail trail! As advanced as we have come in modern day America, why is it that we have to arduously sift through our cars, homes and trash cans to ... more
-
Product (RED) Skewered
"Around half the profits from Product Red products goes straight into the bank accounts of executives at enormous corporations, who use it to alleviate chronic luxury car famines.
Lizzie Matumba, 14, of Ivory Coast, said: 'The knowledge that Steve Jobs arrives at Product Red press conferences in a brand new Aston Martin has made the death of my entire village much easier to bear.'"
-thedailymash.co.uk "Around half the profits from Product Red products goes straight into the bank accounts of executives at enormous corporations, w... more -
Retailers' Most Annoying Tricks
Just ring us up already.
We've rounded up the most common complaints from posters on our message boards eager to let off a little steam before the holiday fray. By far their top complaint? It's the experience at the cash register.
Rude help. Intrusive questions. And how about trying to sell us even more stuff when we're already at the cash register?
We don't want credit cards. We don't want extended warranties or service plans. We don't want extra batteries or plushy insoles. And we really don't want to give you our phone numbers. Just ring us up already. ... more -
Apple will takeover the world!!!
A look at how Apple has changed the retail landscape, with great success...
Alex's photo makes this article worth reading :) YAY!!! Go Alex! A look at how Apple has changed the retail landscape, with great success... ... more -
Lululemon's natural ingredients under question
The expanding clothing company Lululemon has come underfire after one of it's lines, VitaSea was found not to contain seaweed as previously claimed. The expanding clothing company Lululemon has come underfire after one of it's lines, VitaSea was found not to contain seaweed as ... more
-
Gap to Use 'Sweatshop Free' Labels
After the recent controversy involving child laborers making clothes for Gap, the retailer is planning to use 'sweatshop free' labels on its clothes. It's a big statement for a major brand to commit to sweatshop free labor, and one that could severely backfire if found to be misleading. But is putting a label on clothes just a way to put a patch on the company's reputation? What do you think? After the recent controversy involving child laborers making clothes for Gap, the retailer is planning to use 'sweatshop free... more
-
The Biggest Retailers In the World (in terms of square feet)
Walmart owns everyone.
-
related topics
Retailers
Contributors (18)
Retailers
