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Wal-Mart Posts 1st quarterly Profit Fall in Decade
Aug 17, 2006
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Wal-Mart Stores Inc. posted its first quarterly profit decline in a decade 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.” Results were still in line with expectations and the company reiterated its guidance for the year.

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