家電行業(yè)動(dòng)態(tài)周報(bào)XXXX第06期

1、原來生活可以更美的行業(yè)動(dòng)態(tài)周報(bào)制冷集團(tuán)海外市場部2011年 第六期 （2月6日-2月12日）目 錄本期推薦Ø Mabe公司決定撤走其巴西市場自有品牌經(jīng)過30個(gè)月、投資超過6千萬美元的努力付出，墨西哥的Mabe公司近日還是決定放棄其在巴西市場的自有家電品牌銷售，并基本確定將同時(shí)撤下博世的產(chǎn)品，而繼續(xù)以Dako，Continental和GE幾個(gè)品牌銷售（Mabe公司于2008年開始在巴西推廣其自有品牌產(chǎn)品，2009年7月剛完成了對博世集團(tuán)巴西分公司的收購）。家電商Ø 博世家電公司慶祝集團(tuán)誕辰125周年博世家電公司近日慶祝了其母公司博世集團(tuán)誕辰125周年。博世家電是博世西門子家電

2、的一部分，秉承“為生活而創(chuàng)造”的公司理念，力求家電的精確制造、現(xiàn)代設(shè)計(jì)和節(jié)能效率。Ø 伊萊克斯上季度凈利潤小幅上升，但銷售額卻降低瑞典家電制造商伊萊克斯宣布其去年第四季度凈利潤上升了2個(gè)百分點(diǎn)至1.06億美元，但是銷售額卻因匯率等原因從去年的282億克朗（44.64億美元）降低到了276億克朗（43.66億美元）。伊萊克斯公司由于實(shí)施關(guān)閉其加拿大的工廠等重組辦法，和歐洲工廠的裁員措施成功的降成了成本。雖然業(yè)績公布后伊萊克斯股票下滑，但伊萊克斯首席執(zhí)行官Keith McLoughlin對經(jīng)營業(yè)績?nèi)员硎咀院馈?#216; 三菱電機(jī)宣布其2010年后9個(gè)月盈利增長迅猛三菱電機(jī)前段時(shí)間宣布其

3、2010年4月到12月的盈利增長迅猛。這是由于日本政府推行的節(jié)能家電補(bǔ)助計(jì)劃Eco-point環(huán)保點(diǎn)數(shù)使家電產(chǎn)品銷售快速增長。在2010年后9個(gè)月間，集團(tuán)凈利潤達(dá)1169億日元（14.26億美元），而年同期則為虧損億日元；營運(yùn)利潤提升了3.5番達(dá)到1925.5億日元（23.38億美元）。銷售收入則上漲12.6%到億美金。Ø LG的9項(xiàng)產(chǎn)品在德國獲紅點(diǎn)設(shè)計(jì)獎(jiǎng)LG公司的9項(xiàng)產(chǎn)品在近期于德國漢諾威舉行的國際論壇（IF）設(shè)計(jì)大獎(jiǎng)賽上獲得了紅點(diǎn)設(shè)計(jì)大獎(jiǎng)。大賽有來自43個(gè)國家超過2700件產(chǎn)品參選，LG公司的3D電視，滾筒洗衣機(jī)和LED照明設(shè)備被評獲獎(jiǎng)，并且公司還獲得了“再回收環(huán)保設(shè)計(jì)”大獎(jiǎng)。紅

4、點(diǎn)獎(jiǎng)評選主要關(guān)注產(chǎn)品的環(huán)保程度，可回收材料使用和產(chǎn)品的多功能。Ø 斯諾文尼亞Gorenje將在塞爾維亞東部組建洗、干衣機(jī)組裝線斯諾文尼亞家電制造商Gorenje近日宣布計(jì)劃將在東塞爾維亞Zajecar地區(qū)組建一條洗、干衣機(jī)組裝線，同時(shí)公司表示出于經(jīng)濟(jì)考慮,有可能將其斯諾文尼亞Sostanj的洗衣機(jī)塑料件制造工廠也遷往塞爾維亞，屆時(shí)將會(huì)從現(xiàn)有132名員工中裁員50名，但并未表示新廠是否也會(huì)遷到Zajecar。Zajecar工廠將于12個(gè)月內(nèi)開始運(yùn)作，初期投資達(dá)290萬歐元（397萬美元）。Gorenje公司表示現(xiàn)今所有的洗干衣機(jī)生產(chǎn)仍將在斯諾文尼亞的Velenje母工廠進(jìn)行，而Zaje

5、car的生產(chǎn)線則主要針對塞爾維亞和其他東歐國家的產(chǎn)品銷售，以充分利用當(dāng)?shù)氐某杀緝?yōu)勢以及巴爾干地區(qū)和俄羅斯等國家的貿(mào)易協(xié)定。專業(yè)渠道Ø 印度Blue Star（藍(lán)星）計(jì)劃2012財(cái)年家用空調(diào)銷量達(dá)27萬臺(tái)，市場占有率提升到9%印度藍(lán)星公司近日宣布其2012財(cái)年的家用空調(diào)銷量目標(biāo)為27萬臺(tái)，以達(dá)到計(jì)劃9%的市場份額。公司本財(cái)年家用空調(diào)銷量目標(biāo)19萬臺(tái)，銷售重點(diǎn)瞄準(zhǔn)孟買，德黑蘭，加爾各答等較大的市場，目前市場份額4%。此外，今年將投資2億盧比（446萬美元）于廣告宣傳。并且有意在印度西邊或南邊新建其第6個(gè)制造工廠。零售渠道Ø 百思買將推行沃爾瑪天天平價(jià)式的定價(jià)政策世界最大消費(fèi)電子

6、品零售商百思買可能減少使用戰(zhàn)術(shù)性降價(jià)，而采取更直接的類似于沃爾瑪天天平價(jià)的銷售策略。百思買近年銷售增長緩慢，據(jù)Bloomberg公司預(yù)計(jì)，今年收入可能僅增長1.2%到503億美元，將是百思買至少10年以來的最慢增長速度。但是百思買的新降價(jià)政策效果如何還有待觀望。其它Ø 美國節(jié)能聯(lián)盟稱2014制冷設(shè)備能效平均增長將達(dá)25%根據(jù)美國節(jié)能聯(lián)盟最新的預(yù)測報(bào)告表明，從2010年底開始實(shí)施的美國能源總署新節(jié)能政策將在2014年看到效果：由于新政策標(biāo)準(zhǔn)涉及冰箱、冰柜、洗衣機(jī)、干以及、洗碗機(jī)和空調(diào)等種家電產(chǎn)品，并且后續(xù)的“能源之星”認(rèn)證計(jì)劃將會(huì)與智能電網(wǎng)、以及相關(guān)產(chǎn)品免稅刺激等計(jì)劃更多關(guān)聯(lián)，屆時(shí)大多

7、數(shù)新型冰箱將平均增長25%的能效，一臺(tái)560L大小的冰箱（上置冷凍室）耗能將僅為每年390千瓦時(shí)，相比上世紀(jì)90年代年時(shí)每年900千瓦時(shí)的耗能有大幅降低。Ø 印度鋼鐵原材料價(jià)格又一輪提升印度各大鋼鐵公司近期均提升了其鋼鐵原材料價(jià)格，印度鋼鐵管理局有限公司（SAIL）上周板材價(jià)格每噸增長了1000盧比，長材鋼每噸價(jià)格增長1200盧比；Bhushan公司每噸提升1500盧比，提升幅度達(dá)3%。而受洪水的影響澳大利亞昆士蘭的焦炭價(jià)格也將持續(xù)攀升，本季度已達(dá)到225美元一噸，下季度預(yù)計(jì)會(huì)漲到250美元一噸。【正 文】本期推薦Brazil：Mabe to Withdraw own brand a

8、nd BoschMabe公司決定撤走其巴西市場的自有品牌經(jīng)過30個(gè)月、投資超過6千萬美元的努力付出，墨西哥的Mabe公司近日還是決定放棄其在巴西市場的自有家電品牌銷售，并基本確定將同時(shí)撤下博世的產(chǎn)品，而繼續(xù)以Dako，Continental和GE幾個(gè)品牌銷售（Mabe公司于2008年開始在巴西推廣其自有品牌產(chǎn)品，2009年7月剛完成了對博世集團(tuán)巴西分公司的收購）。After roughly 30 months and investment in excess of US$60mil, Mabe of Mexico has decided to abandon the idea of succe

9、ssfully selling its own brand of electrodomestics in Brazil. The manufacturer will almost certainly withdraw Bosch products too, since it holds the sales rights (acquired in July 2009 from BSH Brasil. The Mexican group will thus continue with just Dako, Continental and GE locally. Yesterday, Mabes H

10、R director Eduardo Mello Batista met with representatives of the Sindicato (union) dos Trabalhadores Metalurgicos from Campinas and the surrounding region, home to three of five Mabe-owned plants in Brazil.The union learned that the Campinas plant will produce ovens and stoves from now on, the work

11、having previously been split between Campinas and Hortolandia. Fridge-freezers will be made in Hortolandia and Itu with the Hortolandia plant also to take on electrodomestic-component manufacture, replacing Itu and outsourced operations. Jair Santos, the unions leader, says that the firm denied that

12、 Bosch and Mabe products would be discontinued in Brazil. Mabe meanwhile has stated that it will launch products for new categories as of next month. The Mexican group arrived in Brazil in 2003 but only launched its own brand in 2008. 【返回目錄】家電商Bosch Home Appliances Celebrates 125 Years of the Bosch

13、Group博世家電公司慶祝集團(tuán)成立125周年博世家電公司近日慶祝了其母公司博世集團(tuán)誕辰125周年。博世家電是博世西門子家電的一部分，秉承“為生活而創(chuàng)造”的公司理念，力求家電的精確制造、現(xiàn)代設(shè)計(jì)和節(jié)能效率。Proudly celebrates the 125th anniversary of its parent company, The Bosch Group. Established by Robert Bosch in 1886, The Bosch Group includes more than 300 subsidiaries and regional companies in ov

14、er 60 countries, and has a workforce of 280,000 associates worldwide. In the U.S., Bosch home appliances is headquartered in Huntington Beach, CA. The company also operates an appliance park in New Bern, N.C. comprised of state-of-the-art factories for washers, dryers, ranges, ovens and cooktops.Rob

15、ert Bosch founded his company with a strong commitment to customers, famously saying, "We'd rather lose money than the trust of our customers." Bosch continues this commitment by delivering innovations "Invented for Life." For Bosch home appliances, "Invented for Life&qu

16、ot; means ensuring precision, modern design and efficient performance in its appliances. Sustainability plays an important role at Bosch home appliances and has been part of Bosch's DNA since its founding. Sustainability at Bosch appliances has evolved to acting in a responsible manner across th

17、e board from manufacturing, to efficiency during product life and ensuring product recyclability when its life cycle is over.About Bosch Home Appliances Bosch home appliances is part of BSH Bosch and Siemens Home Appliance Group, the third largest appliance manufacturer in the world. Known worldwide

18、 for raising standards in appliance efficiency and quietness, Bosch is the only US appliance manufacturer with entire product lines of ENERGY STAR® qualified dishwashers, washers and refrigeration. Bosch has earned the Partner of the Year Award for Appliances two years in a row. VitaFresh is a

19、trademark of BSH Home Appliances Corporation; all rights reserved. 【返回目錄】Net profit for Swedish appliance maker Electrolux marginally higher in Q4 but sales disappoint伊萊克斯凈利潤小幅提高但銷售額卻不理想瑞典家電制造商伊萊克斯宣布其去年第四季度凈利潤上升了2個(gè)百分點(diǎn)至1.06億美元，但是銷售額卻因匯率等原因從去年的282億克朗（44.64億美元）降低到了276億克朗（43.66億美元）。伊萊克斯公司由于實(shí)施關(guān)閉其加拿大的工廠等重

20、組辦法，和歐洲工廠的裁員措施成功的降成了成本。雖然業(yè)績公布后伊萊克斯股票下滑，但伊萊克斯首席執(zhí)行官Keith McLoughlin對經(jīng)營業(yè)績?nèi)员硎咀院?。Swedish home appliance maker Electrolux AB on Wednesday reported a 2 per cent rise in fourth quarter net profits thanks to lower restructuring costs in Europe and North America, but sales fell, disappointing market expectati

21、ons. The company, headquartered in Stockholm, posted a net profit of 677 million kronor ($106 million), up slightly from 664 million kronor in the same three months a year earlier.The figure was lifted by lower costs related to restructuring measures in a Canadian appliance plant as well as staff cu

22、ts in its European work force. Sales slipped to 27.6 billion kronor from 28.2 billion kronor a year ago, mainly due to unfavourable exchange rates. Investors dumped Electrolux shares upon release of the earnings, sending them 5 per cent lower to 172.80 kronor ($26.99) in early trade on the Stockholm

23、 stock exchange.New CEO Keith McLoughlin, who assumed his post on Jan. 1, declared himself pleased with the results, saying that despite pricier raw materials and tough competition, his company has managed to improve results in all its business areas. “I am extremely proud,'' he said, noting

24、 that product mixes improved in both Europe and North America and that significant earnings improvement occurred in the important Oceania, Southeast Asia and Northern regions of Asia/Pacific.'' Full year earnings were also higher in Latin America. Full year profits reached nearly 4 billion k

25、ronor, up from 2.6 billion kronor, thanks to lower expenses. For 2011, McLoughlin warned that the costs of raw materials are expected to increase between 1.5 billion kronor and 2 billion kronor on the previous year. To offset those costs, McLoughlin said Electrolux plans to make a general increase i

26、n its own prices in North America. In Europe, price increases will be more selective. It will take time to implement price increases and we will begin to see the positive effect in the second quarter,'' he said. Electrolux, which makes refrigerators and vacuum cleaners, is due to launch a co

27、st-cutting program within its global operations. The measures, which will start at a cost of 500 kronor million a year in 2011 and 2012, are expected to save the company some 2-2.5 billion kronor a year with full effect from 2015. For 2011, the group said it expects appliance demand in North America

28、 and Europe to grow modestly,'' with most of it coming through in the second half.【返回目錄】Mitsubishi Electric Returns to black on brisk sales三菱電機(jī)去年后9個(gè)月盈利增長迅猛三菱電機(jī)前段時(shí)間宣布其2010年4月到12月的盈利增長迅猛。這是由于日本政府推行的節(jié)能家電補(bǔ)助計(jì)劃Eco-point環(huán)保點(diǎn)數(shù)使家電產(chǎn)品銷售快速增長。在2010年后9個(gè)月間，集團(tuán)凈利潤達(dá)1169億日元（14.26億美元），而年同期則為虧損億日元；營運(yùn)利潤提升了3.5番達(dá)到19

29、25.5億日元（23.38億美元）。銷售收入則上漲12.6%到億美金。Mitsubishi Electric Corp. said Wednesday it returned to the black in the April to December period thanks to brisk sales of home appliances backed mainly by the government's ''eco-point'' incentives.In the nine-month period, the electronics maker

30、 posted a group net profit of 116.90 billion yen in a turnaround from a year-before net loss of 2.84 billion yen, as group operating profit jumped by about 3.5-fold to 192.55 billion yen, it said.Group sales rose 12.6 percent from a year earlier to 2.60 trillion yen as its home-appliance products su

31、ch as air conditioners, liquid crystal display TVs and refrigerators drew sharp demand before the scale-down last December of the subsidy program for the purchases of environmentally friendly appliances, it said.Air conditioners also drew high demand overseas due to the heat wave last summer, while

32、photovoltaic systems saw growth globally thanks to subsidies and other stimulus programs in various countries, it said. The company also saw sales growth in such sectors as industrial automation systems and electronic devices, it said. It left unchanged its earnings projections for the full fiscal y

33、ear to March with a group net profit of 115 billion yen, up 306.7 percent from the year before, on group sales of 3.56 trillion yen, up 6.2 percent. 【返回目錄】LG wins 9 red dot design awardsLG的9項(xiàng)產(chǎn)品德國獲紅點(diǎn)設(shè)計(jì)獎(jiǎng)LG公司的9項(xiàng)產(chǎn)品在近期于德國漢諾威舉行的國際論壇（IF）設(shè)計(jì)大獎(jiǎng)賽上獲得了紅點(diǎn)設(shè)計(jì)大獎(jiǎng)。大賽有來自43個(gè)國家超過2700件產(chǎn)品參選，LG公司的3D電視，滾筒洗衣機(jī)和LED照明設(shè)備被評獲獎(jiǎng)。紅點(diǎn)獎(jiǎng)評

34、選主要關(guān)注產(chǎn)品的環(huán)保程度，可回收材料使用和產(chǎn)品的多功能。LG Electronics, a global leader in consumer electronics and home appliances, has won the acclaimed red dot design awards for nine of its products at the recent IF (International Forum) Design Award in Hannover. LG was honoured for the ninth year in a row at the IF Design

35、Award, which saw participation from 43 countries with more than 2,700 products. The award winning products included Nano Full LED 3D TV, a front loading washing machine and LED lighting. LG was also honored with the red dot: grand prix for its reusable eco-package design.Only six out of the total of

36、 6,369 entries received this exclusive award from the red dot jurors. The design was noted for using eco-friendly and recyclable materials as well as for its high versatility - the packaging can be reused as a photo frame or a pencil stand, among other purposes. "Design has been a part of LG

37、9;s DNA since our founding and being recognized with these prestigious awards year after year is testament that we must be doing something right," said H S Paik, president of LG Electronics Gulf. "But looking good has never been enough for us. What really makes products beautiful is how th

38、ey improve customers' lives."【返回目錄】專業(yè)渠道Blue Star eyes 9 percent market share in room air-conditioning印度藍(lán)星目標(biāo)2012家用空調(diào)市場占有率提升到9%印度藍(lán)星公司近日宣布其2012財(cái)年的家用空調(diào)銷量目標(biāo)為27萬臺(tái)，以達(dá)到計(jì)劃9%的市場份額。公司本財(cái)年家用空調(diào)銷量目標(biāo)19萬臺(tái)，銷售重點(diǎn)瞄準(zhǔn)孟買，德黑蘭，加爾各答等較大的市場，目前市場份額4%。此外，今年將投資2億盧比（美元）于廣告宣傳，并且有意在印度西邊或南邊新建其第6制造工廠。Air-conditioning and comme

39、rcial refrigeration major Blue Star is eyeing a nine percent market share in room air-conditioning segment by selling 270,000 units of air-conditioners in FY12, a top executive of the company said Monday."We target to sell about 190,000 units of air-conditioners in room air-conditioning segment

40、 this fiscal. Now our market share in the segment is four percent," said B. Thiagarajan, president, air-conditioning and refrigeration product group, Blue Star. He was talking to reporters at a press meet here on the occasion of announcing the company's foray into the room air-conditioning

41、segment. Informing that currently Blue Star had a portfolio of 35 models of air-conditioners, he said it would launch another 15 models next fiscal. "We will invest Rs.20 crore in a few months for advertisement, in which Rs.5 crore will be spent on the coming cricket world cup" he added. S

42、tating that now the company has five manufacturing units in India, he said: "Our ambition is to set up a new manufacturing unit some where in south or west (India)." Blue Star will focus on large markets like Delhi, Mumbai and Kolkata to sell room air-conditioners, Thiagarajan added. 【返回目錄

43、】Slovenias Gorenje To Set up Washer/Drier Assembly Line in Serbias Zajecar斯諾文尼亞Gorenje在Serbia洗干衣機(jī)生產(chǎn)線斯諾文尼亞家電制造商Gorenje近日宣布計(jì)劃將在東塞爾維亞Zajecar地區(qū)組建一條洗、干衣機(jī)組裝線，同時(shí)公司表示出于經(jīng)濟(jì)考慮,有可能將其斯諾文尼亞Sostanj的洗衣機(jī)塑料件制造工廠也遷往塞爾維亞，屆時(shí)將會(huì)從現(xiàn)有132名員工中裁員50名，但并未表示新廠是否也會(huì)遷到Zajecar。Zajecar工廠將于12個(gè)月內(nèi)開始運(yùn)作，初期投資達(dá)290萬歐元（397萬美元）。Gorenje公司表示現(xiàn)今所有的洗

44、干衣機(jī)生產(chǎn)仍將在斯諾文尼亞的Velenje母工廠進(jìn)行，而Zajecar的生產(chǎn)線則主要針對塞爾維亞和其他東歐國家的產(chǎn)品銷售，以充分利用當(dāng)?shù)氐某杀緝?yōu)勢以及巴爾干地區(qū)和俄羅斯等國家的貿(mào)易協(xié)定。BELGRADE (Serbia), January 24 (SeeNews) - Slovenian home appliances maker Gorenje (LJE:GRVG) said on Monday it plans to set up an assembly line for washers and driers in Zajecar, in eastern Serbia. The compa

45、ny also said in a filing with the Ljubljana bourse that it plans to relocate to Serbia the production of plastic wash basins from its Sostanj plant in Slovenia as manufacturing operations there are no longer economically viable.It was not immediately clear if the Serbian wash basins production unit

46、will also be set up in Zajecar. Gorenje said it will launch the planned business operations in Zajecar within 12 months from the signing of the relevant binding contracts. The initial investment is planned at approximately 2.9 million euro ($3.97 million), the company said, not specifying if the fig

47、ure covers only the assembly line or possibly the planned plastic wash basins unit as well. Gorenje believes that it will sign the agreement on its investment in Zajecar with the Serbian government and the city of Zajecar by the end of January, the statement said. All washing machines and driers wil

48、l still be manufactured at the parent company plant in Velenje, in Slovenia, the statement said, adding that the assembly of appliances bound for sale in Serbia and some Eastern European countries will take place in Zajecar.The assembly in Serbia will allow Gorenje to reap the advantages of a free t

49、rade agreement that the Balkan country has with Russia and some other countries in the region. As a result, Gorenje will boost their sales in these markets which are highly important for the Group's profitability. Moreover, the Zajecar investment will thus positively affect the output of washing

50、 machines and dishwashers at the Velenje plant, allowing the company to maintain the jobs at the parent company location" the statement said.The Zajecar complex that will house Gorenje's manufacturing operations comprises two production halls with a total area of 18,000 square metres on a 1

51、4-hectare property. The relocation of the wash basins production will reduce the number of employees in Sostanj to about 50 from the current 132. The layoffs are likely to take place in the second half of 2011.The Zajecar location also offers possibilities for manufacturing components and expanding

52、the group's activities in the field of ecology, consistent with the company's strategic plan to become the leading provider of comprehensive waste management services in Southeastern Europe, the statement said. Gorenje already has operations at two other locations in Serbia: a refrigeration

53、appliance plant in Valjevo, and a water heater plant at the manufacturing complex in Stara Pazova. The decision to invest in the Serbian town was adopted in compliance with Gorenje's strategic plans which include partial internationalisation of operations, including relocating the production of

54、low-priced products to low-cost countries while maintaining the production of high value-added products in Slovenia. Gorenje shares closed flat at 12.8 euro on Monday. 【返回目錄】零售渠道Best Buy may move to Wal-Mart style prices百思買將轉(zhuǎn)向沃爾瑪天天平價(jià)式的定價(jià)政策世界最大消費(fèi)電子品零售商百思買可能減少使用戰(zhàn)術(shù)性降價(jià)，而采取更直接的類似于沃爾瑪天天平價(jià)的銷售策略。百思買近年銷售增長緩慢

55、，據(jù)Bloomberg公司預(yù)計(jì)，今年收入可能僅增長1.2%到503億美元，將是百思買至少10年以來最慢的增長速度。但是百思買的新降價(jià)政策效果如何還有待觀望。RICHFIELD, Minn. - Best Buy, the world's largest consumer electronics retailer, may curtail three decades of tactical discounting and move instead to its own version of the everyday prices pioneered by Wal-Mart Stores.

56、 With Americans increasingly using smartphones to comparison shop, consumers are unwilling to wait for sales if they find better deals elsewhere, said Mike Vitelli, executive vice president and co-head of the North America division. "We have to move rapidly in recognizing the transparency of pr

57、icing," Vitelli, 55, said in an interview at Best Buy's headquarters in Richfield, Minn. Internal discussions about making the switch are at an early stage, he said.In December, Best Buy cut its profit outlook for the year ending this month to between $3.20 and $3.40 a share, down from $3.5

58、5 to $3.70, citing falling domestic demand for televisions, notebook computers and gaming software. It lost TV sales after Wal-Mart and Target discounted prices on their least expensive models on the Black Friday weekend in late November while Best Buy delayed price cuts until December, Vitelli said

59、. The retailer has tried new tactics to keep customers from defecting to rivals. In December, the company dropped fees it charges to take back merchandise. On Feb. 6, it officially kicked off a product buyback program with a Super Bowl commercial starring Justin Bieber and Ozzy Osbourne.Typically ev

60、eryday pricing is a pledge that a retailer will offer the best price it can get from suppliers and still make money on each item. Best Buy may not be able to generate enough consumer interest to make up for lower average selling prices, said Michael Pachter, a Wedbush Securities Inc. analyst in Los Angeles. "Wal-Mart makes up for everyday low pricing in volume," sa