Wal-Mart Stores, Inc. (NYSE: WMT) has been having some rosy fiscal months and quarters recently as cash-strapped shoppers continuing piling in their stores while abandoning the competition. Not that the parade has stopped for the world's largest retailer, but for the month of March, reality finally set in a bit.March 2009 sales at Wal-Mart dipped almost 2% to $36.21 billion from $36.91 billion in the previous year. While same-store sales increased (just barely) 0.7% from the year-ago 1.1%, Wal-Mart is still doing better than just about any mass retailer dealing with a loss of laid-off customers and the tightening of wallets and purses from the still-working population. Wal-Mart CFO Tom Schoewe said "Wal-Mart is maintaining strong price leadership and expense management." Yeah, we know that, Tom -- nothing to see here.
Wal-Mart's Eduardo Castro-Wright indicated that Easter sales would bolster April performance, and he's right. Traditions and holidays and the commerce that goes with them won't stop, if not slow a little. Wal-Mart's still chugging along in this horrible economy and remains well at the top in terms of performance, even with expected missteps like in March. Wal-Mart's share price -- sitting today above $51 -- has been sitting north of $50 since mid-March and has been extremely non-volatile in the last six months. Wonder why? I don't.
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