January 8, 2009
Wal-Mart missed mark in December
The largest U.S. retailer, Wal-Mart Stores performed under expectations in December, pointing to a sharp slowdown in consumer spending, a retail analyst said.
Sales at Wal-Mart locations in business for a year rose 1.9 percent in December, a sharp reduction from the 2.6 percent gain made in December 2007. Sam's Club sales were not even that robust, rising 0.1 percent, compared with a 1.3 percent gain in December 2007.
If even Wal-Mart is unable to have a significant sales increase considering its low prices, it means that the American shopper is truly tapped out, retail analyst Britt Beemer at America's Research Group said, CNNMoney.com reported Thursday.
Wal-Mart Stores vice chairman Eduardo Castro-Wright said,
the holiday season was more challenging for retailers than expected.
Beemer said he was
shocked and disappointed, by the holiday sales figures.