After nearly 50 years of hammering competitors with discounts, Wal-Mart is getting a taste of its own medicine.
The world’s largest retailer has seen sales at its U.S. Walmart stores fall for the first time, as price-cutting competitors lure away bargain-hunters. Department stores and dollar stores are muscling in on the company’s discount turf.
And executives do not expect much improvement in the current quarter, forecasting sales at stores open at least a year will range from down 1 percent to up 1 percent.
Yet, their profit still rose 22 percent. They’re complaining their profits are down, but they actually went up. Cry me a frickin’ river.
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