Inside these posts: Bill Simon

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Wal-Mart in its worst-ever sales slump

Shoppers wait in line to pay for their purchases at a Wal-Mart store. (Robyn Beck/AFP/Getty)

Wal-Mart Stores Inc. is in the midst of its worst U.S. sales slump ever. The world’s largest retailer said today sales at its U.S. discount stores open at least a year fell 1.8 percent during the chain’s most important quarter.

The world’s largest retailer earned $5.02 billion, or $1.41 per share, up from $4.82 billion, or $1.26 per share, a year earlier.

Wal-Mart’s struggles are the result of a misstep: To jump-start lethargic growth and counter the rise of competitors such as cheap-chic rival Target Corp., executives veered away from the winning formula of late founder Sam Walton to provide “every day low prices” to the American working class. Wal-Mart, the world’s biggest retailer by sales, instead raised prices on some items while promoting deals on others. Get the full story »

Wal-Mart chief: Socks, undies big for holidays

The head of Wal-Mart Stores Inc.’s U.S. discount stores has some bad news for grown-ups this holiday season — expect to get practical, everyday gifts.

“For all you adults out there, I think you should plan on socks and underwear for Christmas,” Bill Simon, president and CEO of Wal-Mart’s U.S. division, said at a presentation at an analyst conference. Get the full story »

Wal-Mart names new CEO of U.S. stores

Wal-Mart Stores Inc. Tuesday named Bill Simon to run its U.S. discount stores, which have struggled with sluggish sales as their core customer continues to be pressured by high unemployment. Get the full story »