With plenty going wrong in the global economy, Wal-Mart Stores Inc. is seeing indications that it will hang onto customers it has picked up during the recession.
The world's largest retailer reported flat earnings for the first quarter on Thursday, hurt on international transactions because of a strong dollar. The year-ago comparison was affected because there was one more day in the quarter last year. Also, with fuel prices coming back to earth, Wal-Mart has lowered prices on some food items.
Wal-Mart Vice Chairman Eduardo Castro-Wright, who runs Wal-Mart's U.S. stores, said that as food prices moderated and consumers found their dollars going farther, some sales have crossed into discretionary items. And new customers who have switched to Wal-Mart because of the economic climate are doing some of that buying.
The world's largest retailer reported flat earnings for the first quarter on Thursday, hurt on international transactions because of a strong dollar. The year-ago comparison was affected because there was one more day in the quarter last year. Also, with fuel prices coming back to earth, Wal-Mart has lowered prices on some food items.
Wal-Mart Vice Chairman Eduardo Castro-Wright, who runs Wal-Mart's U.S. stores, said that as food prices moderated and consumers found their dollars going farther, some sales have crossed into discretionary items. And new customers who have switched to Wal-Mart because of the economic climate are doing some of that buying.
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