Shares of Walmart slumped 2 percent yesterday after an analyst warned it may take longer for the retail giant’s sales to rebound.
UBS Securities analyst Neil Currie cut his rating on Walmart to “neutral” from “buy,” saying it “could be challenging” for Walmart’s same-store sales to swing back into positive territory for the crucial fourth quarter of 2010, according to a note to clients.
Those concerns were first reported by The Post in a Jan. 30 exclusive that gathered information on recent business trends from the retailer’s suppliers.
Walmart’s stock, which had taken a hit following The Post’s report, yesterday fell $1.14 to close at $55.49.
Weak December sales have left the company in danger of reporting a decline in fourth-quarter same-store sales, or sales at stores open at least a year. Sources said a disappointing holiday season is forcing Walmart to rid itself of excess inventory, partly by halting orders of fresh merchandise.
In November, Walmart said its fourth-quarter same-store sales would decline as much as 1 percent or rise as much as 2 percent.