Wal-Mart Warning: Recovery Will Be Slow
Stock quotes in this article:
WMT
KUALA LUMPUR, MALAYSIA (TheStreet) -- Even behemoth retailer Wal-Mart Stores(WMT Quote) is wary of the future.
The discounter's chairman Robson Walton warned at a global CEO conference in Kuala Lumpur, Malaysia, that the global economic recovery will be slow, the AP reported. Indeed, throughout the economic downturn sales have been rough -- even for Wal-Mart, which has benefitted from shoppers trading down to lower-priced basics. Same-store sales at the retailer slipped 1.2% in its second quarter. Walton predicts unemployment and slower lending will continue to force shoppers to seek out deals and cheaper products, a plus for Wal-Mart, but not very promising for other retailers. But a group of some of the top CEOs do see some sales returning within the next six months, according to a survey released on Tuesday by the Business Roundtable. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.- Loading Comments...
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