Wal-Mart Posts First Profit Decline in a Decade

[mcscajun]

By THE ASSOCIATED PRESS
Published: August 15, 2006

Filed at 8:51 a.m. ET

BENTONVILLE, Ark. (AP) -- Wal-Mart Stores Inc., the world's largest retailer, posted its first profit decline in a decade Tuesday as second-quarter earnings fell 26 percent due to the cost of selling its Germany operation.

But results were still in line with expectations and the company reiterated its guidance for the year. The company's stock fell 42 cents to $44.68 in pre-market trading.

(snip)

Wal-Mart Stores last month said it was pulling out of Germany after racking up losses since it started there in 1998. The move came two months after leaving South Korea in what analysts welcomed as a move to focus resources on expanding in more profitable international markets like China and Latin America.

(snip)

Customers are making fewer trips to the stores in order to save gas, but on average, they're buying larger amounts each time, he said.

http://www.nytimes.com/aponline/business/AP-Earns-Wal-Mart.html?hp&ex=1155700800&en=3383e627073ba4e4&ei=5094&partner=homepage

Boo-Fucking-Hoo.

[LiberalFighter]

1. I hope that means they won't accept the option to buy property

near where I live.

[Anus Retainus]

2. That won't stop them

They just bought 26 acres of residential property near me with the hope of changing the zoning through our corrupt City Council. We've been fighting them real hard, but they're now injecting money into a newly formed 501(c)(4), and it's getting real dirty.

Find out if there's a local group near you. I'm sure they'd love to add you to their mailing list.

[Kittycat]

3. They're clearning that land

Right outside the entrance to my Subdivision :(

We had really hoped it wasn't going to go in, since they were dragging their feet. On the same landmass, the walls for a Meijer's store, Kohls, Best Buy and others are already up, and across the street, we have a grocery store, target and office max. Why on earth do we need a Super Hell-Mart? Did I mention that there's a wal-mart planned 5 miles North, and another open just 6 miles east and 6 miles south? Come on, that's just a bit insane!

[Doremus]

15. But, but, but ... there's still some green grass and trees, you see,

and we can't have that. It leads to flora and fauna and all sorts of unnatural occurrences.

Asphalt! This country needs more asphalt!!!



</sarcasm>

[Posteritatis]

4. Where's my really, really small violin? (n/t)

[mcscajun]

8. I'm sure it's there somewhere...it's just SO small, you can't see it.

Not even with a microscope.

Somebody in the last year or so built a nanotech violin...

[Kingshakabobo]

9. On sale at Walmrt...$1.79

[AlCzervik]

5. well i'd boohoo for them but they'll probably get to write off the loss

[GoddessOfGuinness]

6. hallelujah

I wish they'd get the hell out of the US.

[Tiberius]

7. besides their evil nature

...maybe their slump is a result of the fact that the only two times I've been in a Wal Mart in the last five years, the shelves were a mess, the employees extremely unhelpful and disinterested, and most of their merchandise cheaply made garbage.

Even if they were a good neighbor, I wouldn't buy anything there anyway.

[damntexdem]

10. You mean it's not the boycott?

Well, it's still worth boycotting.

[ima_sinnic]

11. oh boo-hoo--the greed-heads have more than enough $$$ for

umpteen lifetimes so what does it matter. To hell with Mall-Wart, I have bought nothing from them for atleast 5 years and have convinced others to do likewise (well, it didn't take much to do that).

[Sherman A1]

12. Well, Gosh.....

I feel just so....so.... WONDERFUL!!!!!

[Raydawg1234]

13. What goes around comes around. They need to start giving health insurance

to their workers.

[fishwax]

14. I'll add my voice to the chorus of sympathy here

:evilgrin:

[AX10]

16. Gee, isn't that just a shame?

:nopity:

:rofl:

[951-Riverside]

17. *bump*

[guruoo]

18. Wal-Mart Posts 1st Profit Fall in Decade

Aug 15, 8:31 PM EDT

Wal-Mart Posts 1st Profit Fall in Decade

By MARCUS KABEL
AP Business Writer


Wal-Mart Stores Inc. posted its first profit decline in a decade Tuesday as the world's largest retailer paid a hefty price for closing its loss-making German stores while high energy prices hit its sales and costs at home.

Chief Executive Lee Scott said sales were disappointing at Wal-Mart's U.S. stores, its largest division. Customers were making fewer shopping trips to save gas, while Wal-Mart's own bills for fuel and utilities were up, he said.

"In the United States, customers tell us they are most concerned about gas prices," Scott said in a prerecorded message. "This has been consistent every month this quarter."

http://hosted.ap.org/dynamic/stories/E/EARNS_WAL_MART?SITE=TNCLA&SECTION=HOME&TEMPLATE=DEFAULT

[Lindacooks]

19. Good.

About time.

[Merrick]

20. That's really sad

Not.

[MadMaddie]

21. Awwww....couldn't have happend to a crappier sellout company!!!

[I_Make_Mistakes]

25. I don't shop there and tell everyone I know not too either. I

think the people are getting that it is not worth the perceived savings to shop there. Good let the chips fall where they may and those mega stores continue to empty!

[MadMaddie]

26. Agreed!

[TheCowsCameHome]

22. That's what happens when your $$$ go into the gas tank instead

The well is running dry in lots of homes.................

[Selatius]

23. One thing you have to understand is that Movement Corporatism isn't...

a unified group anymore than the Democratic Party could be called unified. There are competing interests, and some win, and some lose. In this case, defense and oil are winning, and Wal-Mart got the short-end of the stick.

The common ground, though, is keeping the "slaves" from revolting. Disagreements between masters is tolerable so long as all the plantation masters realize that keeping the slaves in order is the first priority.

[Demeter]

24. Now It's An OFFICIAL Recession or Even a Depression

so much for the bustling American economy!

[mcscajun]

27. The official Wal-Mart Sympathy thread continues...

...to merrily trash all that is Wal-Mart.

:bounce: :bounce: :bounce:

Ain't a dry eye in the house...or a mini-violin left unemployed.

:nopity:

[951-Riverside]

29. Speaking of unemployed

When all those employees are let go are the unions going to make sure they have a steady union job?

[low_phreaq]

28. Walmartopia The Musical! arrives in NYC!!!

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=1911144&mesg_id=1911144

[pinniped]

30. Fear not, their new pay caps will see this doesn't repeat itself.

.

[wickerwoman]

31. Someone's got their head up their ass

if they think Walmart is going to be profitable in China.

Cheap labor bites back. There's no way they can compete with Mom and Pop shops that stay open 16 hours a day and make about $3-4 profit. And they can't compete with widespread knock-offs.