Bentonvile, AR-
By ANUK Staff
2.18.13
As payroll-tax increases hit shoppers in the midst of an already sluggish economy, Wal-Mart Stores Inc. has had the worst sales start to a month in seven years, causing shares to take a turn for the worse. 
On Friday, shares fell 2.2 percent to $69.30 at the close - the biggest decline since Dec. 12.
“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, obtained by Bloomberg. “The worst start to a month I have seen in my ~7 years with the company.”
Discount retailers are preparing for the worst as payroll-tax increases promise to take a growing chunk out of consumers’ paychecks. The weak sales follow expectations for a strong February start due to the Super Bowl, milder weather, and paycheck cycles.
“Have you ever had one of those weeks where your best- prepared plans weren’t good enough to accomplish everything you set out to do?” Cameron Geiger, Senior Vice President of Wal-Mart U.S asked in a Feb. 1 e-mail to executives. “Well, we just had one of those weeks here at Wal-Mart U.S. Where are all the customers? And where’s their money?”
