Wal-Mart CEO, "Consumers Continue To Be Challenged Financially"

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Wal-Mart CEO, "Consumers Continue To Be Challenged Financially"

07-12-07
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Consumers continue to be challenged financially, with more pressure on discretionary spending.
Eduardo Castro-Wright, CEO, Wal-Mart Stores U.S.

Wal-Mart reported a significant increase in sales of flat panel televisions, MP3 players, video game hardware and accessories, laptops and desktop computers in May. Computer sales were fueled by the introduction of select Dell computers now sold at Wal-Mart stores and Sam's Clubs throughout the United States.

"Consumers continue to be challenged financially, with more pressure on discretionary spending," said Eduardo Castro-Wright, Wal-Mart Stores U.S. president and chief executive officer. Castro-Wright added that gas prices have moved to be consumer's chief concern in the company's latest customer survey.

Sam's Club experienced continued momentum with sales to small business owners, with positive trends in both business member ticket and traffic. Category strengths were in food, including fresh items. Sales of outdoor furniture and grills improved, when compared to the four-week May period.

Wal-Mart expects July sales to be up 1 to 2 percent, said Tom Schoewe, executive vice president and chief financial officer.

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