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Wal-Mart Stores, Inc. (NYSE: WMT) shares closed down to end the trading day at $48.41, a drop of $1.14 or 2.30% from Wednesday's close. Why the 2%+ drop today in share value? After all, the retailer said it would be launching its new generic prescription drug program starting tomorrow in all Florida stores, up from the first month of 2007 and in only the Tampa, Florida market.Doug McIntyre mused this morning on something that's been running in my brain these days a little, in spite of all the growth Wal-Mart wants to see. Should the retailer consider actually closing stores in addition to changing health benefits for new employees starting in 2007 as well as focusing in on more part-time employees in its stores?
Closing stores sounds anti-growth, but if certain stores are a profit drag, then growth in sales -- not necessarily store quantity -- is the target I'm sure WMT management is shooting for. Growth can mean many different things, and not all of them are good measurements of success.
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