Wal-Mart, Home Depot See Economic Slump Hurting Annual Profit |
| Bloomberg - Aug 14, 2007 |
Wal-Mart Stores Inc. and Home Depot Inc., the two largest U.S. retailers, said the housing slump, turmoil in the credit markets, and higher energy prices will depress earnings for the year.
Slowing home sales and rising borrowing costs have made consumers hesitant to spend on kitchens and bathrooms at Home Depot, the biggest home-improvement retailer. Wal-Mart blamed higher gasoline prices for fewer visits by shoppers, which prompted the company to slash prices on thousands of back-to- school items.
``U.S. consumers continue to be under difficult pressure economically,'' Wal-Mart Chief Executive Officer H. Lee Scott said on a recorded call today. ``It is no secret that many customers are running out of money toward the end of the month.''
Read Full Article from Bloomberg
- Posted: 2007-08-14 10:34:10
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