Howard Davidowitz is, according to Yahoo Finance, one of the top retail minds in the country. He commented upon the poorer than expected earnings of WalMart this year.
Walmart (WMT) reported earnings of $1.24 a share this morning on revenues of $116.2 billion. Analysts had been expecting $1.25 on $118.5 billion. Sales in stores open more than a year declined 0.3%. Walmart also guided lower for the full year citing a "challenging sales and operating environment." The stock is off sharply and at risk of going negative for the last 52 weeks.
Those are the numbers, but not the whole story. Walmart is the thermometer of the American economy.
"Walmart is a terrific operator... They didn't suddenly become stupid," says says Howard Davidowitz, one of the top retail minds in the country. "The economy is in collapse. That's what's going on."
Pretty strong words.