Wal-Mart Takes A Hit
Even the biggest and best in retail aren't immune from the frightened consumer.
Wal-Mart's December sales rose just 1.7 percent in December, below the 2.8 percent consensus and earlier guidance from the company that sales would be in the high end of its 1-3 percent forecast.
In the fourth quarter, Wal-Mart now says it expects to earn 91-94 cents a share, down from a November forecast of $1.03 to $1.07 a share. Its shares fell nearly 8 percent before the open.
Sears Holdings and Limited Brands also posted hefty sales declines. Sales at Gap, Macy's and Dillard's dropped too.
Looks like the hangover from a terrible 2008 will be with us for a bit.
Related: Sell Wal-Mart in '09?
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