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Why Did Walmart Outperform Target in the Second Quarter?

August 22, 2023


Same-store sales at Walmart’s U.S. stores climbed 6.4% in the second quarter while rival Target’s declined 5.4%, although both discounters warned that consumer spending remains challenged.

Doug McMillon, CEO of Walmart, said on a call with analysts, “Jobs, wages, and pockets of disinflation are helping our customers, but rising energy prices, resuming student loan payments, higher borrowing costs, and tightening lending standards, and a drawdown in excess savings mean that household budgets are still under pressure.”

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