Wal-Mart CEO expects 'late Christmas'

New York City Wal-Mart Stores sees a “late Christmas” as consumers continue to carefully monitor spending, CEO Mike Duke said in remarks at the Goldman Sachs Global Retailing Conference Thursday.

“The customer will use every bit of intelligence, price comparisons and shopping on the Internet,” Duke said.

As a result, Wal-Mart will plan its strategy accordingly, said the company’s treasurer Charles Holley.

“You won’t see us putting up Christmas decorations in September,” he said.

Wal-Mart’s chief executive noted that shoppers are keeping a watchful eye on prices and are less likely than before to stock up on items or to purchase lower-quality “throw-away” items.

“This is the new normal. This is not something that is going to change,” Duke said.

Duke said Wal-Mart still has opportunity for growth in many U.S. markets but that investors should not expect to see any significant increase in long-term margins.