date:Apr 24, 2014
e net sales in Brazil grew 5.3%, traffic to stores there declined 3.4%.
Economic Headwinds
Partly, the company is battling economic headwinds. With retail sales decelerating and industry stagnating, Brazils economy grew at an annual average of 2% from 2011 to 2013, less than half the 5.1% clip for the three years ending in 2008.
This has been a challenging market for a number of reasons, David Cheesewright, Wal-Marts new international CEO, said during an earnings conference call in February.