Wal-Mart Posts Record Sales Decline

Drop in business at megachain worst in 28 years
By Greg Atwan,  Newser User
Posted May 10, 2007 9:10 PM CDT
'   (Associated Press)
camera-icon View 1 more image

(Newser) – Wal-Mart reported a 3.5% decline in sales this April, the wost monthly result the retailer has announced in nearly three decades of announcing. The figures, for stores open at least a year, reflect an early Easter, bad weather, and a rejiggered sales calendar that gave Wal-Mart positive numbers in March.

The Arkansas-based behemoth is also experiencing some tremors from last year's effort to appeal to more upmarket clients, and this year's decision to retreat to its traditional base. The stagnant economy also has something to do with it; one analyst even tells the Journal that "housing market sluggishness" is partially to blame for the dip in spending.