Wal-Mart Weathers Tough Economy, Revenues Up
May 13th, 2008
In what it termed a good start to its fiscal year, Wal-Mart Stores has reported a 10% increase in revenue to $94.1 billion for the quarter, ahead of forecasts. Same-store sales in the U.S. market were up 2.9% in the quarter, Wal-mart’s best same-store performance in 2 years. The company is weathering tough economic times largely on discounted food and daily use items. However, chief executive of U.S. stores Eduardo Castro-Wright said “customers do shop for what they want, not just what they need. They are making room for entertainment products, especially as they stay home more often.” CNN (May 13, 2008)