Walmart Stores had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg.
“In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Walmart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales.
“The worst start to a month I have seen in my [7 years] with the company.”
Walmart and discounters such as Family Dollar Stores are bracing for a rise in the payroll tax to take a bigger bite from the paychecks of shoppers already dealing with elevated unemployment.
The world’s largest retailer’s struggles come after executives expected a strong start to February because of the Super Bowl, milder weather and paycheck cycles, according to the minutes of a Feb. 1 officers meeting Bloomberg obtained.
Murray’s comments about February sales follow disappointing results from January.
Walmart fell 2.1 percent yesterday to $69.30 in New York for the biggest decline since Dec. 12.
“As with any organization, we often see internal communications that are not entirely accurate, that lack the proper context and represent individual opinions,” David Tovar, a Walmart spokesman, said in an interview.
Murray declined to comment.
Walmart sweats Feb.
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Walmart sweats Feb.
