Wal-Mart's everyday low prices fail to stir Brazilians

Wal-Mart is still losing money two decades after entering Brazil, South America's biggest market, according to Bloomberg.

Battling competition from French chains Carrefour SA and Casino Guicard-Perrachon SA, Wal-Mart is having trouble attracting Brazilians who shop around for the best deals. In South America, Wal-Mart lacks the scale to squeeze local suppliers on price like it has in the U.S., according to the report.

Last fiscal year, the company's international division showed sales growth of about 1 percent, down from 7 percent the previous year, Bloomberg reports.

Wal-Mart sold its German and South Korean units in 2006 after years of disappointing results, and is closing 29 underperforming stores in China.

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