Business News

Wal-Mart gets Ravaged

Producer prices in September  fell 0.5% its biggest decline in eight months as the cost of energy products fell for a third straight month. It was the eighth straight 12-month decrease in the index. Last month, wholesale energy prices dropped 5.9% and wholesale food prices fell 0.8%. (Reuters)
U.S. businesses kept their inventories unchanged and sales slid 0.6% in August and 0.1% in September. Retail sales were dampened by plummeting gasoline prices and a strong dollar that made imported goods cheaper. (AP)

Shares of Wal-Mart plunged Wednesday having its worst day in 15 years after the company said its full-year sales would be flat. Wal-Mart said the stronger U.S. dollar contributed to its expectation, adding it anticipates sales will rise 3% excluding currency exchange rates. Wal-Mart pinned the rise in expenses mostly on recent wage hikes, which it said will increase costs by $1.2 billion this year. The retailer expects earnings per share to decline by 6% to 12% driven by pay increases. (CNBC)
Albertsons delayed its initial public offering last night. Sources say the grocery chain was making plans to go public as soon as tomorrow, but other sources say it might be much longer. (Reuters)

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