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Penny-Pinching Shoppers Boost Wal-Mart Profit
Feb 19, 2008
Source: Reuters via Yahoo
Discount retailer Wal-Mart saw a 4 percent increase in net income for the fourth quarter, which was more than expected during this tough economic time, Reuters reported. Wal-Mart's results demonstrate how consumers will spend more money at discount retailers even as the economy is unsteady. "We know that the economy remains a critical factor in this new fiscal year," said Lee Scott, CEO of Wal-Mart. "Customers were more cautious in their spending in January."
Looking ahead to the first quarter, Wal-Mart expects same-store sales to be flat to up 2 percent, Reuters reported. The company has cut prices, hoping to win back lower-income consumers who are feeling the pinch from higher fuel and food costs.
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