There wasn’t much good news for Walmart in its Q3 earnings release last week, as the company reported negative same store sales for the third consecutive quarter, a decrease in customer traffic, and inventory growth that outpaced sales growth. Executives again pinned the blame on “economic headwinds and fiscal uncertainty,” but this time, for good measure, they also threw in some concern trolling about the Affordable Care Act.
Remember those internal emails that Bloomberg obtained last February, in which a Walmart executive wondered: “Where are all the customers? And where’s their money?”
This morning, Walmart announced disappointing results for the 1st quarter of the fiscal year, making it three quarters in a row where the company’s reported results fell below Wall Street expectations.