A series of leaked emails regarding Walmart's bad financial standing contributed to a drop in the retailer's shares on Friday.
The state of panic came after emails from Cameron Geiger, Walmart's Senior Vice President and Jerry Murray, Walmart's vice president of finance and logistics, shed light on the company's rough sales in the month of February, the Examiner reported.
“Have you ever had one of those weeks where your best- prepared plans weren’t good enough to accomplish everything you set out to do? Well, we just had one of those weeks here at Walmart U.S. Where are all the customers? And where’s their money?” Geiger allegedly wrote on February 1.
While, on February 12 Murray reportedly wrote:
“In case you haven’t seen a sales report these days, February MTD [month-to-date] sales are a total disaster. The worst start to a month I have seen in my [roughly] seven years with the company.”
The emails added to Walmart's already unstable financial scenario caused the retail giant's shares to fall 2.2 percent on Friday. With Walmart's fourth quarter earnings due next Thursday, stockholders will be able to get a greater grasp on the company's financial situation.
According to CNBC, other major retailers including Macy's, Family Dollar, Dollar General and Target also experienced a drop in their stock, with their shares falling more than 1 percent.
In regards to the leaked e-mailed, Walmart was quick to dissipate panic through a statement saying employees' internal correspondence does not show an accurate reflection of a company's financial standing.
“As with any organization, we often see internal communications that are not entirely accurate, that lack the proper context and represent individual opinions,” a statement from the company read.