Skip to comments.Wal-Mart Stores Hurt by Food Stamp Rollbacks
Posted on 02/01/2014 9:01:30 PM PST by 2ndDivisionVet
Wal-Mart stores and its Sam's Club chain are apparently hurting from the cuts in the federal food stamp program that went into effect in early November.
The impact from the government's reduction in the Supplemental Nutrition Assistance Program benefits had a much greater effect on the world's largest retailer than originally expected by the company. Combined with consumer fears about the economy and winter storms that also hurt store business nationwide, the cuts made a bad situation for Wal-Mart even worse, according to a statement from Wal-Mart Chief Financial Officer Charles Holley carried by the Associated Press.
The estimated $5 billion cut from the program dragged down store sales over the Christmas period, more than offsetting the usual bump from the holiday season during the fiscal fourth quarter.
Noting that about 20 percent of Wal-Mart shoppers use food stamps, Morningstar financial analyst Ken Perkins told Reuters, "Wal-Mart caters to lower-income consumers which have been hit disproportionately hard relative to higher-income consumer."(continued)
(Excerpt) Read more at newsmax.com ...
I had occasion to watch The Time Machine on TMC last night.
The scene where the newly arrived time traveler was eating with the Eloi struck me.
He was trying to find out how this new world worked.
Who makes your clothing? shrug.
Where does the food come from? shrug.
Who plants the trees, prunes, harvests? blank look.
Doesnt anyone work? total puzzlement.
Only slightly less thoughtful responses than obamas stash...
Welfare recipients every one.
Get me a tiny violin.
IMO don’t give anyone except for the badly disabled permanent welfare or disability.
After a time make cash go away and force people to work; especially those who are poor and manage to spend all their time birthing babies by the half dozen on the dole.
I’ve had people HERE tell me that my service-connected VA disability is the SAME as the worst welfare, worker’s comp. or SSDI moocher and that I should be ashamed and “get a job” versus collecting it.
They are wrong.
“They are wrong.”
Probably the ones telling you that are tired of the abusers of the system and are desensitized to people having true problems.
No one minds the safety net for the real folks, but then kind of like medical pot, all the losers want on the bandwagon and make the thing a bad deal for all. Or at least it makes it appear bad if ANYONE is on it even when it is real and needed. That is a problem ALSO with abuse of a system.
God Bless, lets just win the lottery, :-)
I am **this** close to a wheelchair/hover-round and expect to be in one by the end of the year, my A1C hovers around 13, I get winded by climbing two sets of stairs, have no feeling in my feet and lower legs except occasional pain, etc., etc. I’d love to go back to work.
Are those the same folks who tell the rest of us we need to give up on getting our money back from Social Security? Eff ‘em.
Great movie, I saw it first time as a young kid.
But some welfare bovine gets 10 bucks shaved off their monthly EBT and it's national news.
Yes, although in the end they were of some use to the Morlocks.
This is what concerns me - the Fed is artificially propping up the stock market, and through welfare, companies. This is how a president-turned-dictator can get CEOs to do his bidding.
As an added bonus, with the sign of a pen, he can collapse the economy for fun.
Yes, they are. They don’t want to you to get back your social security or medicare money. I wish I was kidding, but they’re serious.
I know. I’ve locked horns with a few of them. The taste of their tears is what keeps me coming to FR.
I wouldn’t be ashamed of collecting ANYTHING a willing public via their elected representatives is offering/giving. If the circumstances are legit/legal, it’s all good.....til it’s not.
Let the Federal govt fail We are fighting them. standstuff
we touch the face of jesus.
EFF them. Thanks for you service brother.