China's Austerity Campaign Impacting Wal-Mart Sales
China's austerity campaign is affecting Wal-Mart Stores, Inc. (NYSE: WMT) China sales, according to the company's President for Asia, Scott Price, reports WSJ. Wal-Mart's China same store sales fell 1.6% in Q2, due in part to a decline in sales of gift cards, mooncakes and items connected with China's gifting culture, Price told the publication.
Wal-Mart is facing competition from local retailers, including China Resources Enterprise Ltd., which operates 4,000+ stores under 10 different retail brands.
Wal-Mart closed Friday at $78.77, a gain of more than 1%.
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