Wal-Mart sees 17% spike in Q2 profits -- how long can this last?

Wal-Mart Stores, Inc. (NYSE: WMT) blasted past quarterly expectations this morning when it reported 87 cents profit per share before the market opened this morning. The consensus had been $0.83 per share with $101.6 billion in revenue. Final figures came in at $102.67 in revenue for the retailer's second quarter -- almost $10 billion over the year-ago quarterly figure of $93 billion.

It's another example of how many Americans are hiding out at Wal-Mart day after day looking for cheaper prices on just about everything they buy. But that's not all -- international sales skyrocketed as well, seeing a 17% lift over the year-ago quarter compared to an 8.5% lift in the U.S. In addition, international profit spiked to 16.5% as well.

So, add up Wal-Mart's tagline Save Money. Live Better, the federal tax stimulus checks and the rising gas and food prices and there you have it -- Wal-Mart benefits from all. Although gas prices have trended downward in recent weeks, fuel is still expensive.

With Wal-Mart's failed attempt to lure more higher-spending (on higher-margin goods) customers, the company is falling back on its strength: low prices. The timing has been perfect for the retailer. But one has to ask: is fuel and commodity prices ever go back down to 2006 levels (yeah, right!), will customers return to their pseudo-affluent lifestyles and move out of Wal-Mart?