Wal-Mart Stock Drops After Sales ‘Disaster’ Report
Shares of Wal-Mart dropped nearly 2% Friday (Feb. 15), after a research firm said that sales for the last four weeks look significantly softer at the big box retailer.
Bloomberg quoted an internal memo that called February sales at the world’s biggest retailer “a total disaster,” according to USA Today.
“In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal- Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales, according to Bloomberg. “The worst start to a month I have seen in my 7 years with the company.”
Wal-Mart said they “often see internal communications that are not entirely accurate, that lack the proper context and represent individual opinions,” in response to the email.
