Bloomberg today:

Aug. 13 (Bloomberg) — Wal-Mart Stores Inc., the world’s largest retailer, reported second-quarter profit that exceeded some analysts’ estimates after managing inventory to lower costs. Comparable-store sales trailed the company’s forecast.

Net income totaled $3.44 billion, or 88 cents a share, the Bentonville, Arkansas-based company said today in a PR Newswire statement. Analysts projected 86 cents, the average of 22 estimates compiled by Bloomberg.

Walmart said it will accelerate efforts to reduce costs. It cut prices on its Sam’s Choice black angus beef patties, baked beans and flat-panel televisions to lure consumers grappling with shrinking paychecks and the worst unemployment since the Great Depression. Revenue in the three months ended July 31, including membership income, fell 1.4 percent to $100.9 billion as the stronger U.S. dollar reduced the value of overseas sales.

The June personal income data were dreadful.  I simply don’t believe in the recovery story.

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