Wal-Mart shoppers — much like many Americans — still feel like they’re in a recession.
In the uneven economic recovery, their bills are going up, but their wages are not. While the well-heeled crowd benefits from gains in the stock market, they’re still struggling with a higher payroll tax. And shopping for bargains isn’t a hobby, but a necessity.
For these reasons, the world’s largest retailer cut its annual outlook for the second time in three months and offered fourth-quarter guidance that’s below Wall Street’s expectations.