1.9% Same Store Sales Drop At Walmart
This one really surprised me. Walmart (WMT) has been benefitting from the recession as consumers trade down. But this morning they reported a 1.9% same store sales drop for the quarter ended July 31, 2009. Does that mean consumers are struggling even more? Or does it mean consumers traded back up to higher end retailers during the May-July period as the economy recovered?
Disclosure: Top Gun is long Walmart (WMT) shares.