Friday, February 19th, 2010
Walmart has suffered its first fall in quarterly sales at its US discount stores, underlining the challenges facing future growth in its home market as the economy recovers.
During the important holiday quarter ending on January 31, net sales at Walmart’s 3,400 plus US stores fell 0.5 per cent year-on-year to $71bn, while comparable store sales declined 2 per cent. Customer traffic also fell.
The retailer blamed price deflation in food and electronics for lowering the overall value of its sales, as well as the impact of store refurbishment.
The decline contrasted with the strong sales and traffic growth during its first three quarters, as low prices attracted new budget-minded shoppers.
This article was posted: Friday, February 19, 2010 at 5:33 am