In a sign of the growing recessionary troubles, several retail outlets have begun accepting food stamps. According to USA Today, Family Dollar, 7-11, Costco and Target are among the outlets.
Greater profits along with consumer demand seem to be the source of the decision writes the daily:
“In its third-quarter earnings report July 8, Family Dollar cited EBT as among the reasons for its success in this economy. Same-store sales were up 6.2% for the quarter, and food and beverages gained the most. Food stamps represent ‘a significant opportunity for us,’ said CEO Howard Levine. EBT spending at Family Dollar (FDO) was up 18% from March 2008 to March 2009, says spokesman Josh Braverman.
Over 40 million people are presently enrolled in the Electronic Benefit Transfer program, 20 percent higher than a year ago.
Comments