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louis-t

(23,295 posts)
Fri Jan 31, 2014, 05:19 PM Jan 2014

Wal-Mart outlook hit by store closings, food stamp cuts

Source: Reuters

NEW YORK, Jan 31 (Reuters) - Wal-Mart Stores Inc Friday cut its quarterly profit outlook because of a host of issues, including reduced food stamp benefits and the restructuring of Sam's Club's in the United States and the closing of stores in Brazil and China.

"Wal-Mart caters to lower-income consumers which have been hit disproportionately hard," said Morningstar analyst Ken Perkins.

About 20 percent of the company's shoppers are food stamp recipients, analysts have estimated.


Read more: http://finance.yahoo.com/news/wal-mart-cuts-outlook-due-135719210.html



So, let me see if I have this right: A large group of Walmart employees are on food stamps because their pay is so low, and this model Republican company is also hurt by food stamp cuts meant to cause their customers to starve to death? What kind of business plan is that?
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louis-t

(23,295 posts)
4. Haven't shopped there since.....ever.
Fri Jan 31, 2014, 05:35 PM
Jan 2014

Long before there was negative press about how rotten they treat their employees, there was a scandal involving a certain "Made in America" promotion that was covered by the media. Turns out, nothing on the racks that had "Made in America" signs all over them was actually "Made in America". There was also an undercover reporter posing as a buyer that went to Indonesia, or wherever clothes were being made then, and secretly filmed the owner of a factory telling him he could put a label of origin on the products from whatever country he wanted. There were child laborers living upstairs in the factory. This was right after the Kathie Lee Gifford thing, also.

Ash_F

(5,861 posts)
2. This is all kinds of ironic and sad
Fri Jan 31, 2014, 05:29 PM
Jan 2014

Dems need to push hard this year for raising minimum wage and nutritional assistance!

warrant46

(2,205 posts)
15. And Walmart will respond
Fri Jan 31, 2014, 09:43 PM
Jan 2014

by laying off a lot of employees

Making the ones that stay work harder make some work split shifts

Cut benefits to the bone (no paid vacations etc)

Do away with employee discounts

Make some work off the clock for a few more minutes a day (No Union to stop this practice)

fredamae

(4,458 posts)
3. It is the Bus Plan
Fri Jan 31, 2014, 05:31 PM
Jan 2014

The 1% Bought Congress to get for themselves--aka: Wealth Extraction from the 99%

Walmart ought to be happy as Hell--didn't they buy a couple of 'em?
Isn't this exactly what Wall Street et al Wanted? Wasn't Austerity the Marching Orders for Both Party's?
(I need that sarcasm button)

notemason

(299 posts)
10. I hear you
Fri Jan 31, 2014, 07:16 PM
Jan 2014

The salesman that sold them Republican politicians promising liberal nutritional assistance - should be promoted to head of Commerce.

aint_no_life_nowhere

(21,925 posts)
5. The Walmart store near where I live is possibly the worst run business I've ever seen
Fri Jan 31, 2014, 05:35 PM
Jan 2014

You can roam the vast reaches of its nether regions and find no clerks on duty of whom a question might be asked. I'm talking about hundreds of square feet with nary an employee to be found. The store shelves take months to get restocked on certain items. The other day I found some Great Value (Walmart house brand) Mexican salsa on the shelf that was four years past its expiration date.

The only good thing I can say is that the prices on many items are one-fourth what they are at Walgreen's. Walgreen's is the rip-off joint of all rip-off joints. Their prices on everything are astronomically high.

louis-t

(23,295 posts)
6. Every day in our local newspaper, there is a story about
Fri Jan 31, 2014, 05:39 PM
Jan 2014

someone stealing from Walmart. Sometimes they get caught, sometimes they assault the security person (often with the very merchandise they are stealing), and run away.

Pterodactyl

(1,687 posts)
19. It varies from town to town.
Sat Feb 1, 2014, 03:57 PM
Feb 2014

I used to live in New England and the Walmart was a disaster. Things would be out of stock for months. I moved out west and the local store was much better.

 

L0oniX

(31,493 posts)
7. So less Wal-mart workers using food stamps at ....Wal-mart ....hmmm
Fri Jan 31, 2014, 06:15 PM
Jan 2014

I can't figure out how to respond to this.

adirondacker

(2,921 posts)
13. New York State SNAP benefits and UE benefits are handled by JP Morgan. They get to keep the
Fri Jan 31, 2014, 08:28 PM
Jan 2014

money in their system for a few days each week to play with.

dinger130

(199 posts)
9. Going to Walmart makes me depressed.
Fri Jan 31, 2014, 07:05 PM
Jan 2014

I hate the lighting. I hate the atmosphere. I hate walking 5 miles to find a certain item and then walking another 2 to find something else. I hate not having a clerk to help if I need one and I hate the entire Walmart experience. But, there's not much choice in my small town. The citizens are held captive and Main Street is dried up. I try to avoid Walmart as much as possible. Walmart is not a pleasant shopping experience.

 

fasttense

(17,301 posts)
16. Same here
Sat Feb 1, 2014, 08:38 AM
Feb 2014

If you don't shop at Wal-Mart, expect to spend money on gas driving an hour back and forth.

But one of our regional grocery chains managed to stay in business and expand, despite Wal-Mart selling cheap crappy food.

Food City actually opened another store here, after Wal-Mart opened their Super store. They are also carrying some of my friends' locally grown foods. I do all my grocery shopping there just because I hate Wal-Mart so much and I love their gas bucks.

WhiteTara

(29,719 posts)
11. I wonder why Walmart didn't push for higher food stamp
Fri Jan 31, 2014, 07:24 PM
Jan 2014

allotments? It could only help their business. But, maybe greed is so great in them that they didn't want "tax increases"?

PSPS

(13,604 posts)
12. "About 20 percent of the company's shoppers are food stamp recipients"
Fri Jan 31, 2014, 08:19 PM
Jan 2014
About 20 percent of the company's shoppers are food stamp recipients, analysts have estimated.


They should mention what percentage of the company's EMPLOYEES are food stamp recipients. But they won't do that because Walmart buys advertising.

cstanleytech

(26,303 posts)
14. The fault for this really belongs to those running walmart.
Fri Jan 31, 2014, 09:42 PM
Jan 2014

Until that changes and they start treating their employees better with better hours and a higher wage the company will continue to suffer and it will continue to decline like Kmart has.

 

seveneyes

(4,631 posts)
17. Total BS
Sat Feb 1, 2014, 08:53 AM
Feb 2014

The food stamp cut last November was about 5% and Walmart claims 20% of their business is with these stamps.

Five percent of 20 percent is not enough to make such claims truthfully.

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