Wal-Mart Discloses Profit Fall

Good news for all of you who hate Wal-Mart (or Asda, if you are British). The company has announced its first drop in profits in 10 years. Although still recording obscene levels of profit, the company has reported a decrease on the same period last year (down from $2.8bn to $2.08bn). The company blamed tough competition in Germany as well as a rise in petrol prices:

Some of the same issues affecting our customers - higher utility costs and gas prices - are impacting many corporations, including Wal-Mart.

So said Chief Executive Lee Scott. Mmm, gas prices you say?? Best press Bush into invading another oil rich country I think.

This is, however, a small drop in the ocean. While it is always encouraging to know that a union busting company like Wal-Mart is capable of being hit where it hurts, it is not being hit nearly hard enough. Everyone can do their bit to hit Wal-Mart by refusing to buy goods at Asda and Wal-Mart and encourage the company to take a more reasonable approach to union membership.