Smiles at Walmart Turn Upside Down As Profits Fall
The world’s biggest retail chain is feeling the cold shoulder of would-be customers this winter, having announced a 21 percent drop in profit compared to the same period a year before. The news pushed Walmart stock down 1.8 percent in trading yesterday. Cuts to food stamp programs — as well as the polar vortex and higher taxes — contributed to the slump. Traffic through U.S. outlets was down 1.7 percent, but the chain sees hope in smaller format stores and plans to introduce more of them in a bid to boost sales.