Retail
Wal-Mart (WMT): Huge Jump In US Sales, The Middle Class Feels Poor
Published:
Wal-Mart (WMT) officially has back its swagger. Same-store sales at the world’s largest retailer moved up 5.8% in June, well above industry estimates.
For the period, revenue jumped almost 12% to $25.2 million, lead by international revenue which rose almost 17% to $9.9 billion.
Wal-Mart said "Because of our improved sales results during the quarter, we have updated our guidance estimate for earnings per share for the second quarter of fiscal year 2009 to a range of $0.82 to $0.84."
The news is a clear sign that, while the economy is slowing, Americans are still shopping, but only at the cheapest places. Over the near term, Wal-Mart should continue to do extremely well while retailers like Macy’s and Nordstrom deal with the hardest year in over two decades.
Wal-Mart is no longer only for the poor. It is for those who feel poor despite their middle class roots.
Dougalas A. McIntyre
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