Posted on 04/27/2011 6:58:06 PM PDT by Altura Ct.
NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, they're "running out of money" at a faster clip, he said.
Wal-Mart's ready to do battle on prices
"Purchases are really dropping off by the end of the month even more than last year," Duke said. "This end-of-month [purchases] cycle is growing to be a concern.
Wal-Mart (WMT, Fortune 500), which averages 140 million shoppers weekly to its stores in the United States, is considered a barometer of the health of the consumer and the economy.
To that end, Duke said he's not seeing signs of a recovery yet.
With food prices rising, Duke said Wal-Mart is charging customers more for some fresh groceries while reducing prices on other merchandise such as electronics.
Wal-Mart has struggled with seven straight quarters of sales declines in its stores.
(Excerpt) Read more at money.cnn.com ...
Well I AM feeling the “pinch of high gas prices “ because my commute is 50 miles a day.And moving closer would be silly because of the difference in home costs.
What the hell did they expect?
Everything is doubling and tripling in price, yet wages have been stagnant for 10 years now.
Then throw in tens of millions of unemployed...
Maybe we should import more foreign nationals and few million more illegal aliens from Mexico.
No kidding, dumbazz Free Traitors and dumbazz open-border clowns.
A Trillion dollars a year to China, a Trillion dollars a year to India, or more, several hundred Billion to support Mexico (inside and outside of the USA), over more than a decade, of what previously was income for US workers/consumers, and gee whiz -- American consumers are running out of dollars.
Who'd thunk it?
Hi yankee...haha...you no money? Mikey D hiring....haha...You get job at Mickey D...make economy strong...You be proud...global economy good for you...Sell you car...You go shop...buy China yum yum...enjoy global economy...it good for yankee! Bye bye now...
It’s a tough time financially for many people.
And if folks don’t have cash to go to WalMart they sure don’t have cash to shop other places.
I totally know the feeling.
We spent 80.00 and got 4 plastic bags of groceries!
I remember my mom paying 110.00 and the cart overflowing. That was 1992.
Meant to ping you to this.
No kidding, dumbazz Free Traitors and dumbazz open-border clowns.
Oh you funny yankee...haha...free trade good for you...make you strong...open border make you happy...cheap worker are friends..make you feel good...good for economy...haha...bye bye now!
Henry Ford figured out that workers need to be paid enough to buy the products they were making, or the makers would ultimately go broke. The management of Wally World isn’t that smart.
People do their grocery shopping at Dollar Tree.
As I FReep - this story is back in Breaking News?
What for? I keep seeing this bounce in - then out - of Breaking. I thought only a moderator can add an existing story to Breaking News.
Oh well.
You were lucky. Such a situation can quickly escalate to lethality and you need to be prepared (maybe you were).
Hi yankee....haha...there no millions out of work...they quit...all fat lazy yankee...haha...Mikey D hire...you get job, free lunch...be proud....you learn Spanish you get manager job...haha....Bye bye now!
/s
“Slowly sinking boat” is a good description of many Americans’ financial situation.
I also drive an old car and continue to put money into repairs, because that’s a lot cheaper than buying a new one. We have a 9.75% sales tax here in L.A. County, which would add $1900 to the cost of a typical new car.
I am also buying, and storing, quantities of non-perishable items before they skyrocket in price. Instant coffee, cereals, canned goods, toilet paper, soap, etc.
Money is very tight for most Americans, in spite of the government propaganda about how wonderful the ‘recovery’ is.
lolol
Are you kidding me?
Me and Mrs. R2 drop about 700 a month at Wally World.
(Just trying to do my part!)
I found a EBT card the other day at Wal_Mart. I turned it in to Customer Service .
Hahah, he lie like dog!
Lately, they're "running out of money" at a faster clip, he said.
They get government job...haha...Buy more China yum yum!
"Purchases are really dropping off by the end of the month even more than last year,"
He tell joke...haha
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