Zero Hedge reports:
In today’s Art Cashin Comments there is a stunning admission by none other than the CEO of Walmart on what modern day bread lines look like. To wit:
Profits And Baby Formula – Our pal, Rich Yamarone, over at Bloomberg picked up an eye-opening statement made by the Wal-Mart CEO last week.
I don’t need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it’s real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher.
Talk about shopping only for necessities. The mid-night trip for baby formula says it all.