No matter ho cheap the cheap shit from China is, you still save more by not buying it unless you really need it.
From The Guardian UK: http://www.theguardian.com/business/2013/aug/15/walmart-sales-forecast-consumer-spending
Retailer blames higher payroll taxes and fuel costs for consumers’ increased caution despite positive economic outlook
Dominic Rushe in New York
theguardian.com, Thursday 15 August 2013
Walmart dampened hopes of a widespread economic recovery Thursday as the world’s largest retailer reported lackluster sales for the last three months.
Sales grew slower than expected as the retailer said consumers reined in spending and traded down to lower-priced products. Wal-Mart cut its forecast for profits and sales for the year.
Profits rose slightly to $4.07bn in the quarter ending July 31 from $4.02bn a year earlier. But sales at US stores open at least a year – a key retail measure – fell 0.3%, their fifth consecutive decline. “The customer remains challenged,” Walmart US president Bill Simon said.
Chief financial officer Charles Holley said: “The retail environment remains challenging in the US and our international markets, as customers are cautious in their spending.”
Holley said higher payroll taxes, instituted in January, and high fuel prices had impacted spending. “Our expectations for the back half of the year are through a lens of cautious consumer spending,” he said.
The news comes in the same week that Kohl’s and Macy’s, the department store chains, posted disappointing results. Macy’s cut its full year forecast as chief financial officer Karen Hoguet blamed “the health of the consumer” for a slip in sales.
Complete article at: http://www.theguardian.com/business/2013/aug/15/walmart-sales-forecast-consumer-spending
