Wal-Mart, the last bastion of U.S. retail strength, has cracked. The chain cut its earnings outlook on Thursday after posting weaker-than-expected December sales.
Same-store sales at Wal-MartTotal sales for the five weeks ended Jan. 1 edged down 0.1%, to $46.51 billion, from $46.57 billion last year.
Investors didn’t take Thursday's news well, knocking Wal-Mart's shares down 8.1%, or $4.51, to $31.03, in afternoon trading, and taking the rest of the stock market with it. Ironically, the rest of the retail sector fared rather well. Although same-store sales in December fell througout the industry, many companies did better than Wall Street had expected.
As measured by the SPDR S&P Retail
Macy's
"No matter how much retailers discount merchandise, the bottom line is consumers are just spending less," said Mark DeGennaro, managing director at Gruppo, Levy, a mergers-and-acquisitions firm.
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