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“U.S. inventory growth at Wal-Mart outstripped sales gains in the second quarter at a faster rate than at the retailer’s biggest rivals. Merchandise has been piling up because consumers have been spending less freely than Wal-Mart projected, and the company has forfeited some sales because it doesn’t have enough workers in stores to keep shelves adequately stocked.”

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Holiday sales consistently represent nearly one-fifth of annual retail sales, even though the share has continued to shrink over the past 15 years, perhaps due to earlier shopping or to the increased use of gift cards, which are typically redeemed in January or later, according to the NRF.

Original Forbes Article