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February 17, 2009

Wal-Mart's "Exceptionally Strong Performance"

Another eeevil corporation forces "just folks" to spend money during a recession. Wal-Mart, despite posting a loss for the fourth quarter, beat the pessimistic estimates and had the strongest sales result in its history. The retail giant's net sales for the fourth quarter were about $108 billion, an increase of 1.7% compared with a year earlier.

Retailers of all kinds have been struggling as the economy has deteriorated, but Wal-Mart's strong appeal to the frugal-minded shopper has kept it afloat, even though results have been negatively affected by the strong dollar and weak consumer spending trends.

"Wal-Mart recorded the strongest sales result in its history in the fourth quarter, with $108 billion in sales," said Chief Executive Mike Duke. "We achieved this through the hard work of our associates, helping our customers save money so they can live better."

"Our performance relative to competitors was exceptionally strong in the fourth quarter and throughout the year," Duke observed. "We expect this momentum to continue."

I realize this is my second Wal-Mart post in as many weeks (and stand by for a third after the Ninth Circuit rules on the Wal-Mart sex discrimination suit). Yes, I already got the email accusing me of being a paid shill for the super-retailer. No, I am not getting paid to support the company. As I said last time, I have an unnatural fondness for a store where I can buy toothpaste without having to get a mortgage.

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posted by Gabriel Malor at 02:09 PM

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