Wal-Mart Stores, Inc. (NYSE: WMT) reported a 7% lift in first quarter profit this morning, as the world's largest retailer explained that bargain-seeking customers and heavy international growth gave it a boost in the most recent quarter. Net income rose to $3.02 billion from $2.82 billion in the year-ago quarter as revenue soared to $95.3 billion for the quarter.

The oldest trick in the book once again favored Wal-Mart's coffers -- uncertainty in the economy among record-high gas prices and many food staples brought even more shoppers into the aisles of Wal-Mart looking for lower prices. Wal-Mart explained its profit spike by saying that in response to tightening credit markets, insanely-high gas prices and the worse housing slump seen in over a quarter century, customers were "trading down" to shop at Wal-Mart. During an economic slowdown, it's a nice position to be in.

What this means is that Wal-Mart is completely, absolutely and totally seen in the U.S. as the "low price" destination for, well, everything and anything retail. This movement to placate the higher-end shopper at Wal-Mart will continue to go forward, but price is 100% king at this retailer and always will be. Wal-Mart also saw international stores in Brazil, China and other locations help boost its share of international sales 22% during the Q1 period from the year-ago quarter. Could Wal-Mart shares see $60 this week -- the first time they will have hit that number (splits adjusted)? Watch for it.