Wal-Mart Sees Forex Hurting Sales After $680 Million Hit
Wal-Mart Stores Inc. said currency fluctuations cut second-quarter sales by $680 million and will weaken growth this year, adding pressure on the world's largest retailer as it struggles to overcome slower demand in the U.S. Wal-Mart sees sales rising as much as 3 percent in the year ending January 2014, down from a maximum estimate of 6 percent ... (more)
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#1 Aug 16, 2013
The foreign exchange date IS NOT why Walmart cannot seem to make their numbers - that is a pretty lame excuse. The $680 million dollar hit seems huge (and over-estimated) until you realize that the company does more than $1 billion in sales each and every day. On an average Saturday the company does more than &680 million by about lunch time. The exchange rate does not cause the lines at the front checkouts or the empty shelves or even the lack of help on the sales floor. Those are symptoms of poor management NOT poor exchange rates. Where the strength or weakness if the dollar exchange rate really hurts Walmart in a serious way is pretty easy to figure out if you think about it. How much merchandise does Walmart import from overseas? The exachange rate hit from their international business is tiny in comparison to the hit they take on all the imported merchandise they bring into the US to sell in their domestic operations. Another Walmart fairy tale.
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