Genereux added that the macroeconomic backdrop, such as expensive oil and a deeply troubled housing sector, "is certainly an incremental headwind" to the firm, too.
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Merrill analyst Virginia Genereux cut her rating on the Bentonville, Ark.
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In her report, Genereux said she anticipates margin erosion in the company's U.S. division is set to continue, and may even increase, due to years of weakening same-store sales and poor expense management.