» Wal-Mart: Our Shoppers Are‘Running Out of Money’

CNN:

Wal-Mart’s core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

“We’re seeing core consumers under a lot of pressure,” Duke said at an event in New York.“There’s no doubt that rising fuel prices are having an impact.”

Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.

Lately, they’re“running out of money” at a faster clip, he said.

“Purchases are really dropping off by the end of the month even more than last year,” Duke said.“This end-of-month {purchases} cycle is growing to be a concern.

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