Wall St. expected Wal-Mart (WMT) same-store sales to be up 2.5% in September. They only rose 2.4%. It was a brilliant showing. Almost all data from retail associations said sales across the industry were a wreak last month.
Wal-Mart’s revenues were up almost 5% to $22.5 million. Most large store chains would lay down their lives for that.
International sales were up over 7% to $9.4 million.
The most impressive figures of all were from super-discount division Sam’s Club where revenue moved up 8%
The news is evidence that the consumer is still in the market buying essentials, but refuses to spend more than he absolutely has to. This would bode ill for stores that sell anything at a premium. Macy’s (M) better get ready for a hard holiday season.
Wal-Mart missed numbers? Not by any sane standards.
Douglas A. McIntyre