Wal-Mart's South African Unit Lags Rival In Expansion

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Wal-Mart's South African Unit Lags Rival In Expansion

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Wal-Mart's South African Unit Lags Rival In Expansion

by Wochit 1:00 mins

Wal-Mart's South African Unit Lags Rival In Expansion

by Wochit 1:00 mins

Wal-Mart's South African unit, Massmart , reported a 10 percent fall in first-half profit on Thursday hurt by a weak market and slow expansion into other African countries. Business surveys suggested the world economy was on the mend, with U.S. and Chinese manufacturing activity at multi-month highs and better-than-expected growth in the euro zone. Abercrombie & Fitch Co reported comparable sales and profit far below Wall Street expectations, blaming a drop in store visits by shoppers, and the teen retailer said business would decline even more during the current back-to-school quarter. The U.S. Federal Reserve may need to drain up to $2 trillion from the financial system when it decides to normalize short-term interest rates

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