When myth hits reality, trouble usually follows, and what the CEO of Wal-Mart had to say yesterday should be a warning to everyone just how fragile this economy really is>>
President and CEO Lee Scott said this holiday season will be better than the last, but much of the improvement will be because last year's season was weak. He cited a "cautious consumer" who is still buying the lowest-price goods and "timing their spending around the receipt of their paychecks."
"I don't think consumer spending is slowing, but I also don't see the strength that many of you in the investment community appear to see," said Scott in a pre-recorded call Thursday, according to a transcript provided by CCBN StreetEvents.
((this is coming from the horses mouth, the real deal, and reminds me of the old saying, if momma ain't happy, ain't nobody gonna be happy))
As of Oct. 31, Wal-Mart had 3,499 domestic stores, and 1,336 international units.
For the first nine months of the year, Wal-Mart earned $6.33 billion, or $1.44 per share, up from $5.45 billion, or $1.22 per share, a year ago. Revenue rose to $181.8 billion from $163.2 billion a year earlier.
Shares of Wal-Mart closed at $55.52, down $2.44, or 4.2 percent, on the New York Stock Exchange. |
