Walmart shares dropped more than 3 per cent on Friday after the disclosure of internal emails from one of the retailer’s executives describing February sales so far as “a total disaster”.
The emails were obtained by Bloomberg, which published excerpts that were not denied by Walmart.
The world’s largest retailer by sales is seen as a barometer of US consumer sentiment and the news story sent share prices lower across the retail sector as it focused attention on the impact of payroll tax increases this year.
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