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The retail bull case: Target vs. Walmart

Video vocabulary

sort

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US / sɔ:t /

UK / sɔrt /

A1
  • noun
  • Group or class of similar things or people
  • verb
  • To organize things by putting them into groups
  • To deal with things in an organized way

story

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US / 'stɔ:rɪ /

UK / ˈstɔri, ˈstori /

A1
  • noun
  • One of many floors or levels in a building
  • Account or description of how something happened

earning

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US / 'ɜ:nɪŋ /

UK / 'ɜ:nɪŋ /

A2
  • verb
  • To deserve something because you worked for it
  • To get money for work

here

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US / hɪə(r) /

UK / hɪr /

A1
  • adverb
  • In this place; at this location, position or time

shopping

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US / 'ʃɒpɪŋ /

UK / ˈʃɑpɪŋ /

A1
  • noun
  • The act of going to stores to buy things
  • other
  • The activity of going to shops and buying things
  • verb
  • To look for or buy goods or services

point

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US / pɔɪnt /

UK / pɔɪnt /

A1
  • noun
  • An item to be discussed
  • Small spot or dot
  • Fact or detail
  • Feature of something
  • The size of the text on a page or screen
  • A certain time or stage in a process
  • Certain position in time or space
  • Idea or fact you try to convince people about
  • Measurement of scores in a game, sport
  • Sharp end of something, e.g. a pen or pin
  • verb
  • To face a certain direction, e.g. north
  • To indicate something with your finger to others

sure

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US / ʃʊə(r) /

UK / ʃʊr /

A1
  • adjecitve
  • Having no doubts about something
  • Have confidence in your own words or actions
  • Firmly established or held; being firm or stable
  • Being correct or true
  • adverb
  • What you say to agree willingly

economy

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US / ɪ'kɒnəmɪ /

UK / ɪˈkɑnəmi /

A1
  • noun
  • Using money, resources in a careful, effective way
  • Total of all goods, services and wages in an area

inflation

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US / ɪn'fleɪʃn /

UK / ɪnˈfleʃən /

B1
  • noun
  • Act of filling something with air or gas
  • Continual rise in the prices of products

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

month

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US / mʌnθ /

UK / mʌnθ /

A1
  • noun
  • One of 12 28-31 day periods in the year

unit

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US / ˈju:nɪt /

UK / ˈjunɪt /

B2
  • noun
  • One apartment in a building
  • Group of people, e.g. soldiers, that work together
  • A chapter of a textbook
  • A standard of measurement of something
  • Single item made by a company

next

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US / nekst /

UK / nɛkst /

A1
  • adverb
  • The one that follows another in time or order
  • At a time or place directly after the present one
  • noun
  • The one that follows after
  • adjecitve
  • Immediately after the previous one
  • First occurrence after the present one

could

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US / kəd /

UK / kʊd /

A1
  • other
  • Past form of 'can' to mean have ability
  • Used to ask for something politely, or to offer

know

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US / nəʊ /

UK / noʊ /

A1
  • verb
  • To be familiar with a person or place, thing
  • To feel sure or be convinced about something
  • To discover or be aware of something
  • To be able to distinguish
  • To have knowledge of things

slightly

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US / ˈslaɪtli /

UK / ˈslaɪtli /

B1
  • adverb
  • Only a little

last

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US / lɑ:st /

UK / læst /

A1
  • adjecitve
  • Most recent; the latest
  • The one before
  • adverb
  • Final; with nothing following; after all others
  • Most recent; the latest
  • determiner
  • The one at the end
  • verb
  • To remain or continue for a certain period of time

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

negative

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US / 'neɡətɪv /

UK / ˈnɛɡətɪv /

A2
  • adjecitve
  • Being harmful, unwanted or unhelpful
  • In mathematics, being less than zero
  • Focusing on the bad aspects; pessimistic
  • noun
  • The opposite to a positive electrical charge
  • In grammar, containing words such as 'no' or 'not'
  • Reply to a question or statement that means 'no'
  • Image on camera film used to make a photo

see

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US / si: /

UK / si /

A1
  • verb
  • To go on a date with someone
  • To predict whether something is, or will be true
  • To understand what someone says
  • To use your eyes to look at something
  • To visit a place often for sightseeing or pleasure
  • To visit or meet with someone
  • To find out by waiting or looking
  • To watch (a game, movie or TV show)

ecosystem

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US / ˈi:kəʊsɪstəm /

UK / ˈɛkoˌsɪstəm, ˈiko- /

B1
  • noun
  • Types of plants and animals in an specific area

retailer

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US / ˈri:teɪlə(r) /

UK / ˈritelɚ /

B2
  • noun
  • Merchant/store who sells goods at retail

answer

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US / 'ɑ:nsə(r) /

UK / ˈænsɚ /

A1
  • noun
  • Reply to a question someone asks
  • Solution to a problem or test question
  • verb
  • To reply to a question someone asks
  • To solve a test question or a problem

forward

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US / 'fɔ:wəd /

UK / ˈfɔrwəd /

A1
  • adjecitve
  • Toward what is ahead; in front
  • Acting in a socially aggressive manner; pushy
  • adverb
  • Toward the front in place; in front
  • Toward a future time; to a more advanced state
  • verb
  • To send something to another address or person

into

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US / 'ɪntə /

UK / ˈɪntu /

A1
  • preposition
  • Moving or going inside something
  • In the same direction as; in the direction of
  • So as to become; taking the state of

pull

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US / pʊl /

UK / pʊl /

A1
  • noun
  • Act of breathing in smoke, as from a pipe
  • Force something has that draws other things to it
  • Using your hands to move something to you
  • verb
  • To breathe in smoke, as from a pipe
  • To hold something and move it toward you
  • To remove something by force

than

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US / ðən /

UK / ðən /

A1
  • conjunction
  • Used to compare two things that are not equal

expose

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US / ɪk'spəʊz /

UK / ɪkˈspoʊz /

A2
  • noun
  • News article revealing secret information
  • verb
  • To make visible, without covering or protection
  • To allow light through a cameras lens onto film
  • To be talked about in the media
  • To make a secret known to the public
  • To experience something, often a harmful thing

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

upside

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US / ˈʌpsaɪd /

UK / ˈʌpˌsaɪd /

A2
  • noun
  • Above, over
  • A positive aspect; advantage

how

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US / haʊ /

UK / haʊ /

A1
  • adjecitve
  • To what degree? in what amount?
  • adverb
  • (Used to explain the way to do something)
  • exclamation
  • For what purpose or reason?
  • (Used to ask someone or something's condition)

kind

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US / kaɪnd /

UK / kaɪnd /

A1
  • adjecitve
  • In a caring and helpful manner
  • friendly and considerate
  • noun
  • One type of thing

year

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US / jə: /

UK / jɪr /

A1
  • noun
  • Unit of time equal to 12 months or 365 or 366 days
  • Used to refer to the age of a person

you

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US / jʊ /

UK / ju /

A1
  • pronoun
  • Person someone is speaking or writing to
  • Person or people in general

shine

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US / ʃaɪn /

UK / ʃaɪn /

A2
  • noun
  • Act of using a polish to clean shoes
  • verb
  • To point a light in a certain direction
  • To make something clean by using a polish
  • To make or produce a bright light

big

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US / bɪɡ /

UK / bɪɡ /

A1
  • adjecitve
  • Popular
  • Serious
  • Large

decelerate

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US / ˌdi:'seləreɪt /

UK / diˈsɛləˌret /

C2
  • verb
  • To go more slowly; to reduce speed

little

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US / 'lɪtl /

UK / ˈlɪtl /

A1
  • adjecitve
  • Being short in length of time
  • Not great in size, amount, or degree; small
  • Being very young or younger than others
  • adverb
  • By an amount or degree that is not very much
  • Not often; rarely
  • noun
  • A person's name

the

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US / ðə /

UK / ðə /

A1
  • article
  • Used to refer to something already mentioned
  • Used to show there is only one of something
  • determiner
  • Used to describe all of a family

merchandise

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US / ˈmɜ:tʃəndaɪs /

UK / ˈmɜ:rtʃəndaɪs /

B2
  • noun
  • Goods for sale

grocery

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US / 'ɡrəʊsərɪ /

UK / 'ɡroʊsərɪ /

B2
  • noun
  • Daily foods such as flour, sugar, and tinned foods

mean

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US / mi:n /

UK / min /

A1
  • adjecitve
  • Being good at
  • Nasty; unkind
  • Not liking to spend money; cheap; stingy
  • noun
  • Average of a set of numbers
  • verb
  • To express a particular idea or thought
  • To intend to do something in particular
  • To have a particular meaning or value

mix

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US / mɪks /

UK / mɪks /

A2
  • noun
  • A combination of more than two things
  • verb
  • To combine two or more things to make one
  • To meet and get along with others, e.g. at a party

supercharge

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US / /

UK / /

C2
  • verb
  • To add an oxygen compressor to an engine

again

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US / ə'ɡen /

UK / əˈɡɛn /

A1
  • adverb
  • One more time, once more

health

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US / helθ /

UK / hɛlθ /

A1
  • noun
  • (Person, company) being in a good condition; well

outperform

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US / ˌaʊtpəˈfɔ:m /

UK / ˌaʊtpərˈfɔ:rm /

C1
  • verb
  • To achieve more than other competitors

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

weaken

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US / 'wi:kən /

UK / ˈwikən /

A2
  • verb
  • To make something or someone less powerful

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said

deceleration

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US / ˌdi:selə'reɪʃn /

UK / ˌdi:selə'reɪʃn /

C2
  • noun
  • Rate of decrease in speed

growth

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US / grəʊθ /

UK / groʊθ /

A2
  • noun
  • Improvement, development in a skill over time
  • A mass on the skin or body part related to illness
  • Act of growing

right

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US / raɪt /

UK / raɪt /

A1
  • adjecitve
  • Correct or true
  • The south side of you looking at the rising sun
  • adverb
  • Exactly in a place or time
  • Being appropriate for a particular event
  • In a straight or direct manner
  • noun
  • Something you are legally or morally allowed to do
  • Ideal of what is just and good
  • Political view based on conservatism
  • verb
  • To fix something previously wrong or unjust
  • To make upright, as a boat that has turned over

during

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US / ˈdjʊərɪŋ /

UK / ˈdʊrɪŋ, ˈdjʊr- /

A1
  • preposition
  • At some point in the course of an event or thing

then

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US / ðen /

UK / ðɛn /

A1
  • adverb
  • A time that is not now
  • Following another thing in time or arrangement
  • Following on reasonably from what was just stated
  • At that time, not now

place

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US / pleɪs /

UK / ples /

A1
  • noun
  • Particular location, area or region
  • verb
  • To put someone in a particular type of situation
  • To put something in a certain location or position

similar

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US / ˈsɪmələ(r) /

UK / ˈsɪməlɚ /

A1
  • adjecitve
  • Nearly the same; alike

yeah

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US / jeə /

UK / ˈjɛə, ˈjæə, jɛ- /

A1
  • exclamation
  • Another way of saying 'yes'

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

comp

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US / kɒmp /

UK / kɑ:mp /

B2
  • noun
  • Intensive examination of specialized information

michael

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US / ˈmaɪk(ə)l /

UK / ˈmaɪkəl /

A1

pick

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US / pɪk /

UK / pɪk /

A1
  • noun
  • Sharp tool used for breaking the ground
  • Item selected from a group of choices
  • verb
  • To take fruit or vegetables from a plant or tree
  • To decide on a thing from various choices; select
  • To remove (flower, etc.) with your fingers

really

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US / ˈri:əli /

UK / ˈriəˌli, ˈrili /

A1
  • adverb
  • Used to stress something that is said; definitely
  • In a true or accurate manner
  • Very

category

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US / ˈkætəgəri /

UK / ˈkætɪˌɡɔri, -ˌɡori /

B1
  • noun
  • Groups of things that are similar in some way

our

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US / 'aʊə(r) /

UK / aʊr /

A1
  • determiner
  • Belonging to us

not

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US / nɒt /

UK / nɑt /

A1
  • adverb
  • Word indicating the negative
  • (Used to form the negative of verbs)

maybe

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US / ˈmeɪbi /

UK / ˈmebi /

A1
  • adverb
  • Possibly but not certainly; perhaps

pricing

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US / ˈpraɪsɪŋ /

UK / ˈpraɪsɪŋ /

A1
  • verb
  • To determine or set the cost of something

now

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US / naʊ /

UK / naʊ /

A1
  • adverb
  • At the present time or moment
  • Right away or in the next possible moment
  • Used to refer to something that just happened
  • Time between the present and a moment in the past
  • conjunction
  • Resulting from or because of something

recovery

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US / rɪˈkʌvəri /

UK / rɪˈkʌvəri /

A2
  • noun
  • Process of returning to a former (good) state
  • Act of getting back something that was lost

but

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US / bət /

UK / bʌt,bət /

A1
  • conjunction
  • Used before you say something different, opposite

give

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US / ɡɪv /

UK / ɡɪv /

A1
  • noun
  • Degree of flexibility in something, a material
  • verb
  • To hand over or present something to someone
  • To cause someone to have or experience something

significant

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US / sɪgˈnɪfɪkənt /

UK / sɪɡˈnɪfɪkənt /

A2
  • adjecitve
  • Large enough to be noticed or have an effect
  • Having meaning; important; noticeable
  • (Statistics) being clearly different

want

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US / wɔnt /

UK / wɑnt, wɔnt /

A1
  • noun
  • Something you desire or wish for
  • State or condition of poverty
  • verb
  • To desire or wish for something; hope for a thing

bit

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US / bɪt /

UK / bɪt /

A1
  • noun
  • Device put in a horse's mouth to control it
  • Small piece of something
  • verb
  • (E.g. of fish) to take bait and be caught

general

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US / 'dʒenrəl /

UK / ˈdʒɛnərəl /

A1
  • adjecitve
  • Widespread, normal or usual
  • noun
  • Top ranked officer in the army

look

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US / lʊk /

UK / lʊk /

A1
  • noun
  • Person's beauty or physical attractiveness
  • Particular style of dress, clothes, or appearance
  • The way someone, something appears to be
  • Act of searching for or examining something
  • verb
  • To appear to be; seem

largely

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US / ˈlɑ:dʒli /

UK / ˈlɑ:rdʒli /

A2
  • adverb
  • In large part; mainly or chiefly

they

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US / ðeɪ /

UK / ðe /

A1
  • pronoun
  • Two or more people, animals, or things

walmart

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US / ˈwɔlˌmɑrt /

UK / /

A1

both

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US / bəuθ /

UK / boθ /

A1
  • determiner
  • Used to refer to two things at the same time
  • pronoun
  • Used to refer to two things at the same time

change

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US / tʃeɪndʒ /

UK / tʃendʒ /

A1
  • noun
  • Exchange of one set of clothes for another
  • Money in the form of coins instead of paper
  • Money returned after giving too much
  • Act of making or becoming something else
  • verb
  • To exchange one set of clothes for another
  • To exchange one kind of money for another
  • To replace something with another thing
  • To make or become something else
  • To go from one train, bus, etc. and go to another

simple

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US / 'sɪmpl /

UK / ˈsɪmpəl /

A1
  • adjecitve
  • Not hard to understand or do; not complex
  • Having only a few parts; not complex
  • Being ordinary or normal
  • Being plain; without a lot added for style

gain

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US / ɡeɪn /

UK / ɡen /

A2
  • noun
  • An increase in something, such as weight
  • verb
  • To increase in something, such as weight
  • To get something wanted, needed or valued

sale

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US / seɪl /

UK / sel /

A2
  • noun
  • Event during which the prices of goods are reduced
  • Giving something for money; the amount sold

their

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US / ðɛː /

UK / ðer /

A1
  • determiner
  • Belonging to them

way

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US / weɪ /

UK / we /

A1
  • adverb
  • Used to emphasize the amount of something
  • noun
  • Particular aspect of something being thought about
  • One of various choices that could be made
  • Particular existing condition or state
  • (Often long) distance or length of time
  • How something is done
  • Route to go to a place
  • Small street
  • Usual behavior, emotions or habits of someone

all

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US / ɔ:l /

UK / ɔl /

A1
  • adverb
  • Completely; totally
  • determiner
  • Being every one of something
  • pronoun
  • 100% of something; the complete amount

discretionary

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US / dɪˈskreʃənəri /

UK / dɪˈskreʃəneri /

B2
  • adjecitve
  • According to your own judgment or self-restraint

its

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US / ɪts /

UK / ɪts /

A1
  • adjecitve
  • Referring to or belonging to ‘it’
  • determiner
  • Of something; belonging or related to something
  • other
  • Possessive form of “it”

basis

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US / ˈbeɪsɪs /

UK / ˈbesɪs /

A2
  • noun
  • Main ingredient or part of something
  • Starting situation, fact, idea to develop from

for

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US / fə(r) /

UK / fɔr,fə /

A1
  • preposition
  • Used to show the purpose, or need of something

time

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US / taɪm /

UK / taɪm /

A1
  • noun
  • Speed at which music is played; tempo
  • Point as shown on a clock, e.g. 3 p.m
  • Number of hours, minutes needed to do something
  • Occasion when something happens
  • Period or occasion that something occurred
  • Period in history or the past
  • Something measured in minutes, hours, days, etc.
  • How long an event takes; duration
  • verb
  • To check speed at which music is performed
  • To choose a specific moment to do something
  • To measure how long an event takes, e.g. a race
  • To schedule something to occur at a specific moment

consumer

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US / kənˈsju:mə(r) /

UK / kənˈsumɚ /

A2
  • noun
  • Person who buys goods or services

just

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US / dʒʌst /

UK / dʒʌst /

A1
  • adjecitve
  • Proper or appropriate; as is deserved
  • Doing or being what is right or fair
  • Legally correct; having enough evidence
  • adverb
  • Almost; nearly
  • Exactly at the time of
  • Exactly (the same as, like)

enthusiasm

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US / ɪnˈθju:ziæzəm /

UK / ɛnˈθuziˌæzəm /

B1
  • noun
  • Hobby or interest that you are passionate about
  • Great interest and excitement in something

start

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US / stɑ:t /

UK / stɑrt /

A1
  • noun
  • First time or place that a thing exists; beginning
  • First opportunity to achieve something, e.g. a job
  • Sudden action or movement because you are scared
  • other
  • Beginning of something in place or time
  • verb
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well

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US / wel /

UK / wɛl /

A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
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  • A great and considerable degree
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  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
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  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

few

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A1
  • pronoun
  • Not many, a small number

much

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A1
  • adjecitve
  • Very; to a high level or degree
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  • A lot; large amount; a high degree of
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strong

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  • adjecitve
  • (Of tea or beer) dark or thick
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those

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US / ðəʊz /

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A1
  • determiner
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overall

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US / ˌəʊvər'ɔ:l /

UK / ˈovɚˌrɔl /

A2
  • adjecitve
  • Viewed as a whole; in general, not as details

question

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  • Issue or problems you are dealing with
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couple

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A2
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  • Two people in a romantic relationship
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rather

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UK / ˈræðɚ, ˈrɑðɚ /

A1
  • adverb
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typically

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US / ˈtɪpɪkli /

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B1
  • adverb
  • In a normal or usual way

horizon

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US / həˈraɪzn /

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  • noun
  • Line where the earth or sea meets the sky
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from

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  • preposition
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over

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  • adverb
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share

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A2
  • noun
  • Part-ownership in a property, business or company
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flat

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large

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  • Big; of great size; broad, tall, wide, or fat

most

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throughout

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  • adverb
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retail

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C1
  • adjecitve
  • Concerning the selling of goods to the public
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  • Bought or sold in a store or shop
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  • Business of selling products to the public
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  • To sell at a particular price

tighten

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  • verb
  • To make a rule, law or system tougher
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and

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  • conjunction
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back

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  • adjecitve
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  • verb
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certainly

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  • adverb
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moderate

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B1
  • adjecitve
  • Being average in quantity or size
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  • To host a meeting or panel discussion
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put

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  • phrasal verb
  • to make a light stop shining by pressing or moving a switch
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  • To move or place a thing in a particular position
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come

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  • verb
  • To arrive at a place
  • (Of mail) to be delivered
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  • To reach a certain point or state

think

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  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something
  • Introduction to Video Content
  • The retail industry is a competitive space, and two major players in this sector are Target and Walmart. In this video, experts discuss the potential of these companies and their performance in the market.
    Rupesh, an expert on Target, talks about the company's position in the market. He mentions that while both Walmart and Target have performed well, Target has more upside potential over the next 12 to 18 months. However, he also points out that Target is more exposed to consumers pulling back on discretionary spending. Despite this, Rupesh believes Target has a significant earnings recovery story, as they are projected to earn $10 per share next year, compared to $6 per share last year. He is optimistic that Target's focus on discretionary categories and its gained market share in these categories will drive growth.
    Michael, on the other hand, focuses on Walmart's performance. He highlights that Walmart is currently doing well, especially during belt-tightening times. The company's 7% comparable sales growth is better than most retailers, and it is well-suited to what consumers are currently looking for – essential needs rather than wants. Additionally, Michael mentions that higher-end consumers are trading down into the Walmart ecosystem, which further contributes to its success in the current market conditions.
    Overall, both Target and Walmart have their strengths in the retail industry. Target is expected to experience an earnings recovery and benefit from a potential pickup in discretionary spending. On the other hand, Walmart is currently thriving by catering to essential needs and attracting a wider range of consumers. Despite sales weakening throughout the economy, Walmart continues to show growth and resilience.
  • Subtitles section
  • Rupesh, Target, discretionary, if things tighten from here, are you sure this is a place you want to be?
  • Yeah, so we do have outperforms of both Walmart and Target.
  • We think over a 12- to 18-month horizon, Target has more upside potential.
  • So I think right now Target, just given its larger discretionary mix, is just more exposed to consumers pulling back in discretionary.
  • But as we look at the Target story, if you look from last year and then going forward, we think there's a much bigger earnings recovery story here.
  • So last year, Target earned around $6. We see they're earning $10 next year.
  • So, you know, that's our enthusiasm around Target, is you have a big earnings recovery story.
  • And then discretionary at some point will pick up.
  • And Target over the last couple of years has gained significant share in discretionary categories.
  • So I think you could supercharge on recovery next year if discretionary does pick up again.
  • Michael, kind of a similar question to you.
  • When does Walmart typically do better, during times – during heady times or during belt-tightening times?
  • Well, we're seeing it right now.
  • I think the answer is certainly during belt-tightening times.
  • I mean, the 7% comp they put up this morning is going to be better than most retailers.
  • It's certainly better than overall retail sales, and that's because their mix is well-suited to what consumers are shopping for now, which is needs, not wants.
  • And they're seeing a trade-down from higher-end consumers trading into the Walmart ecosystem.
  • So this is a time for Walmart really to shine, and we've sort of been seeing that over the last few months, and sales have weakened throughout the economy.
  • They've got growth, Michael.
  • How much of that growth is coming from groceries, and how much of that grocery growth is coming from simple inflation?
  • Well, the answer to both questions, really, in some ways, is all.
  • You know, their general merchandise sales were negative.
  • Their growth is coming from groceries and health and wellness.
  • So not all, but certainly those needs rather than wants.
  • And their unit growth has been flat to maybe up slightly.
  • Most of the growth is coming from pricing.
  • As strong as the growth has been, and it was up 7% this quarter, it did decelerate a little bit from 8% and change last quarter on a U.S. comp basis.
  • And that deceleration is largely because inflation is still high, but starting to moderate a little bit.