Bentonville, AR – Wal-Mart Stores Inc has informed managers of its roughly 5,000 stores across the United States that they can match prices with Amazon.com Inc and other online retailers, the head of the company’s U.S. business said on Thursday.
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Greg Foran said the directive was meant to formalize a practice already in place in many stores. “About half of the stores were doing it anyway,” Foran said on a call with media following the reporting of its quarterly results.
Net profit attributable to Wal-Mart fell to $3.71 billion, or $1.15 per share, for the quarter ended Oct. 31, from $3.74 billion, or $1.14 per share, a year earlier. Analysts on average expected earnings of $1.12 per share, according to Thomson Reuters I/B/E/S.
Let’s see if this actually happens. To this point, the Wal-mart in my area woudn’t even match the Walmart.com pricing for the same item!