FINANCIAL TIMES: Walmart reported an unexpected fall in US sales and slashed its forecast for global sales growth this year, signalling a gloomy outlook for consumer spending.
The retailer posted a 0.3 per cent fall in like-for-like sales in the US in the quarter to July 26, despite evidence of an improving US economy, saying it was “disappointed” in what was its second consecutive decline…
“Our core customer is more in the low income area and . . . there’s not a lot of confidence right now in their incomes,” said Charles Holley, chief financial officer of the world’s biggest retailer by sales… (more)
