Weaker-than-expected same-store sales at U.S. Walmarts point to a lower-income customer who's hampered by higher payroll taxes and gas prices, and not benefiting from an improved jobs market and wage gains.
"Low-income and middle-income consumers are living paycheck to paycheck almost," said analyst Ken Perkins of Swampscott's Retail Metrics. "They don't have a lot of excess money to spend on discretionary items, and they're buying to need."
With $469 billion in annual revenue as the world's largest retailer, Wal-Mart Stores Inc., also the parent company of Sam's Clubs, is seen as an economic bellwether because it accounts for about 10 percent of non-auto U.S. retail sales.
Same-store sales at U.S. Walmarts — sales at stores open at least a year, a key retail measure — fell 0.3 percent in the second quarter ended July 26 compared to the prior year period. Wall Street expected a 1 percent increase. Company revenue missed projections for the fifth consecutive quarter.
"The environment is making it very difficult for Wal-Mart to grow sales," John Zolidis, a Buckingham Research Group analyst, wrote in a report yesterday. "We believe this reflects pressures on lower-income consumers ... ."
The Bentonville, Ark.-based Wal-Mart also lowered its forecast for the current quarter and full year. It now expects flat same-store sales at U.S. Walmarts for the current quarter, which includes the back-to-school shopping season.
"Our expectations for the back half of the year are through a lens of cautious consumer spending," CFO Charles Holley said.
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