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Wal-Mart’s Chief Says Chain Became Too Trendy Too Quickly
The chief executive of Wal-Mart Stores, H. Lee Scott Jr., said yesterday that the introduction of upscale products, like silk camisoles and 300-thread-count sheets, had proved “choppier than it should be” and that the company had “moved too far too fast” with fashionable clothing. Skip to next paragraph  Chris Hondros/Getty Images H. Lee Scott Jr., Wal-Mart’s chief executive, spoke to analysts. Target, Kohl’s and J. C. Penney. The entry into fashion has been closely watched by competitors and New York designers, who are anxious to see if the retailer, the world’s largest seller of food and laundry detergent, can master dresses. While apparel sales have not met expectations, those of everyday products like socks and laundry detergent have surged. Mr. Scott said Wal-Mart has sold 675 million pairs of white socks in the past year.
Source: www.1stwebnews.com
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