arlier this week, data from the Commerce Department showed slowing retail sales growth in January. But on Friday, a report from Bloomberg revealed a potentially more troubling economic indicator: Fewer shoppers are coming to Walmart.
"Sales are a total disaster," Jerry Murray, a vice president at Walmart, wrote in a recent email obtained by Bloomberg. Murray wrote February was off to the slowest start he'd seen in seven years.
Walmart said in a statement: "As with any organization, we often see internal communications that are not entirely accurate, that lack the proper context and represent individual opinions."
The news is another worrying sign that the end of the payroll tax holiday on Jan. 1 has forced many Americans to cut back. The expiration of the tax cut raised taxes by about $1,000 on a worker making $50,000 per year, according to the Tax Policy Center. A recent report in the New York Times offered a look at the consequences of the tax increase, which hit Americans with the smallest paychecks hardest. Those Americans are indeed most apt to shop at Walmart.
The Bloomberg report sent Walmart's stock price tumbling around 2 p.m. on Friday. It was down 2.15 percent for the day with a share price of $69.30.
I love looking at the, "Valentine's Day Massacre," chart. Billions of dollars that could have bought booze for Alice vaporized in an instant.
Next, the pimps blame the, "razor thin margins," in retail. Yeah, well, who created the problem?
Welfare Mart is running out of sleazy tricks. Vendors are cornered, quality is barely acceptable for the Chinese trash that they peddle, people are fed up with subsidizing Welfare Mart slaves, all gullible cities and towns are over run with crime ridden Stupor Centers. Amazon nipping at their heels, nowhere to run, nowhere to hide, and now this damaging email from a loose cannon in Bentonville. Time to make popcorn, sit back and watch the carnage.
Watch Wall St unload all their shares into IRAs and public servant funds in the next few months. Unsuspecting retail investors are going to get boo-fooed as everyone in NYC runs away from this sinking ship.